Manufacturing Industry
Trouble brews at Parlux as revolt ferments.(FINANCIAL NEWS)(Brief article)
Cosmetics International, December, 2006
Parlux shareholders are angry. The stock has crashed over 60 per cent in value in the last year and enough is enough for Glenn Nussdorf, who owns 12 per cent of Parlux stock.
Nussdorf, who also owns a large share in E Com Ventures, one of Parlux's biggest clients, has fired off a letter to the Parlux board stating he intends to replace much of the directors due to the company's dismal performance. Although Nussdorf has a minority holding in the company it is thought he and his brother--also a shareholder--can muster the resources to mount a possible takeover bid. Nussdorf has also made it clear that any severance deals for the existing directors would be reviewed by the new takeover board.
However, ceo Ilia Lekach is not likely to take Nussdorf's...
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