Revlon, New York, announced it has hired investment bankers to explore the sale of part of the company to pay down debt. Revlon said it signed New York companies Goldman, Sachs & Co. and Lazard Freres & Co. for ``a review of strategic alternatives'' that may include the sale of one or more of its businesses. Revlon markets cosmetics and toiletries under the Revlon, Almay, Ultima II and Creme de Nature brands. According to a recent report from Morgan Stanley Dean Witter analyst Catherine Lewis, Revlon's $1.7 billion in long-term debt makes it more highly leveraged than most personal-care companies. Revlon already announced a cost-saving restructuring last fall.
Copyright April 1999, Crain Communications Inc.