3. Avon to cut jobs. Avon Products (AVP) plans to cut roughly 1,500 jobs, or 4% of its workforce, and exit South Korea and Vietnam, in one of the first major moves by new CEO Sheri McCoy, according to Associated Press.
"The decisions outlined today are necessary to stabilize the company and begin the process of returning Avon to sustainable growth," McCoy said in a statement cited by the AP.
Avon sells its beauty products via 6 million independent sellers. The company said Tuesday it plans to focus on "high-priority" markets in a plan to save $400 million by 2015. The company has struggled this year with declining sales and a bribery investigation, among other issues, AP says.
-- Written by Laurie Kulikowski in New York.Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: email@example.com.
Follow TheStreet on Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV