3. Avon to cut jobs. Avon Products (AVP - Get Report) 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.
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