REVLON TUMBLES ON PLANS FOR MAKEOVER.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Plans for a relatively minor makeover at Revlon Inc. were anything but attractive to investors Friday and the company's stock lost more than a third of its value. Revlon, one of the best-known names in makeup makeup In the performing arts, material used by actors for cosmetic purposes and to help create the characters they play. Not needed in Greek and Roman theatre because of the use of masks, makeup was used in the religious plays of medieval Europe, in which the angels' faces and consumer products, disclosed it is getting out of the business of selling products through beauty salons and shedding some Latin American brands after billionaire Ronald O. Perelman failed to find a buyer for the company. Revlon also surprised Wall Street with word that it would post a loss for this year, and have to restructure its $1.8 billion debt. Disappointed investors sent Revlon's shares tumbling 34 percent, or by $6.25, to $12 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Revlon's shares had traded as high as $30.25 in June. Revlon, which makes Revlon and Almay makeup, Flex A development system for Flash-based applications from Adobe. Introduced in 2004 as a J2EE application, Flex compiles ActionScript code and XML-based user interface descriptions (MXML) into binary Flash files (SWF files). shampoo shampoo a cleaning agent, usually liquid, for hair; usually consists of a detergent and perfume. Some, usually referred to as medicated shampoos, contain therapeutic substances such as parasiticides, antimicrobials, ketatolytic agents, and antiseborrheic compounds such as selenium and Charlie perfume perfume, aroma produced by the essential oils of plants and by synthetic aromatics. The burning of incense that accompanied the religious rites of ancient China, Palestine, and Egypt led gradually to the personal use of perfume. , has been struggling to pay its debts while sales of its lipsticks and eye shadows are facing new competition. ``If you get by this short-term bitter pill - and it's a big one - this really speaks to a strong 2000,'' said George Fellows, Revlon's president and chief executive. Perelman put Revlon on the auction block in April, and peddled the company to several rivals, including the Dutch fragrance company Coty Inc., but couldn't get the price he wanted. New York-based Revlon is negotiating to sell its salon products business, which includes the American Crew and Creative Nails brands. Revlon also will sell some of its Latin American hair care brands, including the Colorama, Juvena and Plusbelle names. |
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