Rite Aid boosts debt offering
CAMP HILL, Pa. — Rite Aid is offering to buy back $810 million worth of debt while increasing the amount of a new bond sale announced Tuesday, the retail pharmacy chain said.
Rite Aid said it would buy back all of its $810 million worth of 9.5% senior notes due 2017. The company also said it would increase the $400 million offering of 6.75% senior notes due 2021 by another $410 million, for a total of $810 million, as part of a debt-refinancing plan.
Rite Aid said that proceeds from the Tuesday offering would go toward the debt buyback. The company currently has about $6 billion in debt, according to its 2013 annual report.
Canada’s Pari Beauty opens first storefront location
TORONTO — Prestige cosmetics and skin care brand Pari Beauty has opened its first-ever storefront location in an Ontario mall as part of its expansion strategy, the company has announced.
Located in Scarborough Town Centre in Ontario, the store marks the third of three recent openings that include two mall boutique kiosks in Oakville Place and Vaughan Mills showcasing its line of products.
"We are so pleased to have opened our first inline retail store, which is a big step for our company," stated Ramesh Jolly, chairman at Pari Beauty. "Taking the customer experience to a whole new level with a standalone store was an integral part of our growth strategy, and we’re looking forward to continued expansion in the retail market."
Pari Beauty has 27 locations in shopping centers from British Columbia to Alberta and Quebec. Staffed by trained makeup professionals, consumers can learn about the latest products or participate in one-on-one consultations or makeovers with makeup artists and leave with pro tips and tricks.
The company has strong ties in the cosmetics industry with a dedicated discount program for students and professionals involved in the makeup artistry trade. It also recently made its customization program available to the general public, which allows customers to mix and match palettes of eye shadows, blush, foundations and bronzers to create color sets suited for their individual needs.
"Developing high-performance products and services that cater to the ever-changing beauty needs of professionals and consumers has always been our focus," stated Shawn Jolly, director of operations and finance at Pari Beauty. "From our recyclable packaging to customizable palettes and our newest Pari Naturals line, we continue to innovate so we can service those needs."
Revlon’s CFO resigns to join Tribune Co.
NEW YORK — Revlon’s EVP and CFO, Steve Berns, will resign from the company, effective July 19, the beauty company announced in a filing with the Securities and Exchange Commission.
Revlon stated Berns’ resignation is not the result of any issue or concern with the company’s accounting, financial reporting or internal control over financial reporting.
Berns is joining Tribune Co., a multimedia company, to serve as EVP and CFO, Revlon stated.
Upon Berns’ departure, Jessica Graziano, the company’s SVP, corporate controller and chief accounting officer, will serve as the interim principal financial officer until a successor is named. Graziano and Berns will work together to ensure a smooth transition of the company’s financial functions, Revlon stated.