Consumer Biz Update: Revlon CLOSES Facilities, Office Depot POPS

Revlon, Inc. (NYSE:REV) will shut a pair of its manufacturing facilities down, eliminating 250 jobs as it reconfigures its operations. The firm expects to save about $10 million a year from the reductions subsequent to taking a $25 million accounting charge in the third quarter.

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Shares of Office Depot Inc. (NYSE:ODP) gain almost 20 percent of their value on the day, follow word from executives at the Goldman Sachs Global Retailing Conference that they will abide by the firm’s full-year 2012 outlook. Additionally, management announces that pensioners are being offered a lump sum buyout, for simplification of the company’s balance sheet.

More than 75 percent of respondents in a NPD survey indicated that the source of their apparel matters to them, implying that the importance of the Made In The USA label is growing among consumers. In the past, J.C. Penney & Co. (NYSE:JCP) and Sears Holdings Corporation (NASDAQ:SHLD) experienced disappointment with their brands manufactured exclusively in the United States, but the recent fracas regarding the European look of the U.S. Olympic team’s uniforms that were designed by Polo Ralph Lauren Corporation (NYSE:RL) has brought the matter to the forefront once again.

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