OTHER NEWS - April 21, 1995
<i> Times Staff and Wire Reports</i>
Dep Cuts Staff, Salaries: The troubled Los Angeles company said it will shrink its work force and reduce executive salaries as part of a cost-reduction program brought about by a $745,000 net loss for the first half of fiscal 1995. The company did not disclose how many jobs would be cut or when it would happen. Dep Corp. also gave no specifics about salary reductions. Dep, which makes skin- and hair-care products, said it had received a bank loan waiver from its lenders because the loss put the company into technical noncompliance with certain financial covenants of its lending agreement. Dep has hired an independent consultant to help it develop a strategic business plan.
