Playtex to close 2019 with $1.8B loss in 2019

The women-owned carmaker announced a quarterly loss of $1 billion in 2019 and said it will shut down by the end of 2019.

Playtex, which makes feminine care and feminine-specific vehicles, had said in February that it planned to close the U.S. by the first half of 2020. 

Its first quarter profit for the year was $4.2 billion, down from $5.3 billion a year earlier. 

Playtex said in its quarterly earnings that the company will make a $1,000 charge for each new product that it sells.

Playtess will not make the charge on the first day of its U.K. factory’s shutdown, but it is expected to charge a fee on the second day. 

The company said in the statement that it expects to continue to focus on growth, saying that it will continue to make feminine-focused products. 

It said the results for the quarter were “not materially different” from its prior year results and that it had the most challenging economic climate since it was founded in 2002. 

“We are taking decisive action to make the company more competitive and competitively positioned for the future,” Playtex said. 

On Tuesday, the company said it had more than 2,000 employees at its plant in Manchester, New Hampshire, which is about 50 miles (80 kilometers) from New Hampshire state capital Concord. 

Pfizer has been struggling with a resurgence in opioid abuse among women, especially in the wake of a surge in deaths and overdoses in states and cities across the country. 

Families of women who die from opioid overdoses have been pushing for Pfizer to create more programs to help families deal with the problem. 

Earlier this month, Pfizer said it would buy a $3.5 billion drug company called Pfizer-owned Regeneron Pharmaceuticals to create an “integrated health care solution for Pfizers and Regeneron.” 

“As we move forward, we will be investing in and expanding our family of drugs that are leading in cancer treatment, cardiovascular therapy, neurodegenerative diseases, immune-system development, cancer immunotherapies, and other important areas,” Pfizer Chief Executive Officer Eric Lander said in a statement. 

But the company has faced criticism from lawmakers and consumers over its handling of the opioid crisis. 

Congresswoman Tammy Duckworth, a member of the House of Representatives Committee on Oversight and Government Reform, said on Twitter that Pfizer was “the last place a mom should be shopping for a drug.” 

The Congressional Black Caucus called for the resignation of President Donald Trump, who is white, for not doing more to prevent opioid abuse. 

Trump has blamed Democrats for the opioid epidemic. 

In a tweet, Duckworth called on Trump to “immediately call for a Congressional investigation into the opioid pandemic and take steps to help women and families.” 

Senator Al Franken of Minnesota said in an interview with CNN on Tuesday that the president should resign because “he is not doing enough to stop the pandemic.” 

In the meantime, a group of Democratic senators are drafting legislation that would require companies to report how they treat women who use opioids. 

(Reporting by Alex Dobuzinskis; Editing by Cynthia Johnston and Peter Cooney)

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