Avon to cut 4 percent of jobs in global restructuring
Avon Products plans to cut about 1,500 jobs and exit two Asian markets, as the struggling beauty products seller begins a broad restructuring plan in an effort to turn around results.
The job cuts amount to almost 4 percent of its workforce and mark one of the first major moves by CEO Sheri McCoy. McCoy was brought on in April to replace longtime CEO Andrea Jung at Avon, a direct seller of beauty products like Skin So Soft lotion and Mark cosmetics.
Avon said the job cuts span all regions and functions. The 1,500 cuts include 100 employees in Vietnam and South Korea, which Avon will exit entirely.
Avon said in November that it would embark on a plan to save $400 million in three years.
By The Associated Press(equals)
The Dow Jones industrial average fell 2.99, or 0.02 percent, to 13,245.45. The S&P 500 rose 0.64 point, or 0.04 percent, to 1,428.48.The Nasdaq composite index fell 8.49 or 0.3 percent, to 3,013.81
Benchmark crude rose 98 cents to close at $86.77 a barrel in New York. Brent crude, used to price international varieties of oil, rose $1.33 to $108.02.
Heating oil rose 4 cents to $2.97 a gallon. Natural gas fell 3 cents to $3.38 per 1,000 cubic feet. Wholesale gasoline rose 4 cents to $2.65 a gallon.