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Tristar

This article was originally published in The Rose Sheet

Executive Summary

Beauty manufacturer announces plans to file for bankruptcy under Chapter 11 due to deteriorating financial condition that began one year ago, San Antonio, Texas firm says. Tristar, which plans to fill backlog of customer orders for 2001 holiday season, will reorganize and seek alternate sources of funding, according to CEO B.J. Harid. Firm delisted from NASDAQ Stock Market due to inability to file 10-Q with Securities and Exchange Commission for fiscal third quarter (ended May 26). Move follows reported sales of $8.9 mil. and net loss of $1.7 mil. in second quarter (1"The Rose Sheet" April 30, In Brief)

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Tristar

Exec VP B.J. Harid to acting president and CEO following resignation of CEO Richard Howard to "pursue personal interests," company says. Howard served as CEO since December 1997, while Harid moved to management position in 2000 after serving on board of directors for four years. Harid likely will not be appointed to permanent post; search committee has been formed to review internal and external candidates. Howard's resignation follows 34.4% sales drop to $8.9 mil. in second quarter (ended Feb. 24). Decline attributed to "disappointing consumer sales industry wide." Net loss was $1.7 mil. for quarter, compared to deficit of $433,000 in prior-year period. Aggressive global distribution plan will be finalized in third quarter to strengthen revenue base and long-term growth potential

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