Crisis Management at Bausch & Lomb (B): The 'ReNu with Moistureloc' Debacle |
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"The decision [to recall ReNu with MoistureLoc globally] was inevitable amid continued reports of Fusarium fungus infections that are highly correlated with MoistureLoc use, but we think the company's failure to be more proactive in recalling the product has created substantial potential liabilities."1 - Robert Gold, Standard & Poor's2 Equity Research analyst, in May 2006. "If there was something we could go back and change, that would be it [recall ReNu with MoistureLoc when links between the lens cleaner and the fungus was first suggested]. There isn't a handbook you can go to that tells you exactly what to do here."3 - Meg Graham, Spokesperson, Bausch & Lomb, Inc., in May 2006. "Americans and the world have short memories about stuff like this provided it isn't mishandled. If they don't protect the credibility of the Bausch & Lomb brand overall so that it is unassailable as Tylenol became unassailable they will never recover."4, 5 - Hayes Roth, chief marketing officer, Landor Associates6, in May 2006. Collateral Damage!
B&L's lens care and contact lens business had reduced by 21 percent and 3 percent respectively. Moreover, some analysts noted that the numerous product liability lawsuits filed against the company could result in damages of over US$1 billion.
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1] Kate DuBose Tomassi, "Bausch Lens Solution
Fiasco Seen Impairing Overall Brand," www.forbes.com, May 15, 2006. |
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