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Revlon planning to exit discount retailing after PFC merger with The Cosmetic Center.

This article was originally published in The Rose Sheet

Executive Summary

REVLON TO HOLD 65%-83% OF NEW COSMETIC CENTER STOCK following completion of a merger between Revlon and Savage, Md.-based The Cosmetic Center. Announced jointly by the two companies Oct. 1, the non-binding letter of intent stipulates that Revlon would spin off its Prestige Fragrance & Cosmetics retail unit to merge with The Cosmetic Center retail and wholesale distribution business. Revlon's ownership of the merged company would be based on the amount of newly issued Class C voting common stock exchanged for The Cosmetic Center's existing Class A and B common stock. The Cosmetic Center would hold the remaining 17%-35% of stock.
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