In Brief: Model Imperial
This article was originally published in The Rose Sheet
Executive Summary
Model Imperial: Executes forbearance agreement with its bank lenders to which it owes approximately $45 mil., the firm said April 10. Under the agreement, the lenders have postponed exercising default rights until Aug. 31, allowing the company "to attempt to restructure its business outside Chapter 11," Boca Raton-based Model Imperial said. The agreement also gives the wholesale fragrance distributor an opportunity to reduce operating expenses; "improve operations and administration through downsizing"; and negotiate a composition agreement with trade creditors. Model Imperial also has been delisted from NASDAQ effective April 10. On April 2, the company estimated that its 1995 net loss would exceed $20 mil., revising a net loss for the year previously estimated at between $7.5 mil. and $8.5 mil...
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Marketing In Brief
ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says