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By
Reuters
Published
Sep 18, 2009
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Estee to end wholesale distribution of Prescriptives

By
Reuters
Published
Sep 18, 2009

Sept 17 (Reuters) - U.S. cosmetic and fragrance seller Estee Lauder Cos Inc (EL.N) said it would close the global wholesale distribution of its 30-year-old Prescriptives skin-care products brand by Jan. 31, 2010, as the brand's value was no longer viable in the current market environment.


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The owner of the Clinique, Bobbi Brown and M.A.C brands said it expects to take restructuring charges of $35 million to $40 million in connection with the action.

These charges are within the range of overall charges the company previously estimated it would take in fiscal 2010, Estee Lauder said in a statement.

The company said its earlier outlook for net sales and earnings per share, before restructuring charges, remained unchanged.

Prescriptives brand, introduced in 1979, is sold in five countries, according to the company's website.

Shares of the company, which competes with Elizabeth Arden Inc (RDEN.O), closed at $35.42 Thursday 17 September on the New York Stock Exchange. (Reporting by Viraj Nair in Bangalore; Editing by Vinu Pilakkott)

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