In the News: Bipartisan House Leaders Introduce Postal Reform Legislation

Bipartisan House Leaders Introduce Postal Reform Legislation
House leaders with oversight of the U.S. Postal Service introduced draft legislation on Wednesday to overhaul the mailing agency. The draft bill calls for the development of new and innovative postal and nonpostal products and services, and offers appeals around the closing or consolidation of post offices nationwide. It also addresses postal rate changes, including allowing the USPS to increase postal rates for market-dominant products by 2.15 percent, or 1 cent for a First Class stamp.

As it has been for years, the USPS is in dire financial shape. Hopefully the bipartisan bill, which House leaders believe Congress will pass, will solve the problems that have been plaguing it for years. We’ll have to wait and see.

Revlon Buying Elizabeth Arden
Revlon said yesterday it was buying Elizabeth Arden for $419.3 million in cash. Elizabeth Arden opened her first Red Door salon on Fifth Avenue in 1910. The company sells skin care products and fragrances in 120 countries. Revlon was founded in 1932 with the release of its nail enamel. This year, it posted a first-quarter profit of $11 million on sales of $439.6 million

Bringing together two highly complementary, iconic cosmetics brands makes good sense: Revlon will benefit from an expanded global footprint and an expanded category mix. Elizabeth Arden, on the other hand, will benefit from the influx of cash, especially since it has been trying to turn its fortunes around, posting a loss of $28.4 million on revenue of $191.9 million in its most recent quarter.