Discloses approved approved a broad restructuring and cost savings program that is intended to reduce the size and cost of the Company's overhead structure and exit low-return businesses
- 2014 Performance Improvement Plan includes the exiting of certain unprofitable retail doors and fragrance license agreements, changes in customer, distribution and supply chain relationships, the discontinuation of certain products, the elimination of employee positions globally and the closing of the Company's Puerto Rico affiliate. The 2014 Performance Improvement Plan is only a part of the Company's ongoing broad restructuring and cost savings program, and the Company is continuing to target annual savings in the range of $40M to $50M upon full implementation of the program.
- Currently estimates that the 2014 Performance Improvement Plan will result in pre-tax charges beginning in the fourth fiscal quarter of 2014 and through fiscal 2015 of $65M to $72M, of which an estimated $32M to $36M is comprised of future cash expenditures.