said Tuesday it was pulling out of the skin care and color cosmetics business as part of a "strategic review" of its full-line stores.
As a result of the decision, the retailer expects to record a charge of about $53 million in the second quarter.
won't continue with the launch of the cosmetics company's new retail brand, beComing, in Sears stores this fall. In a separate statement released this morning, Avon said the product would be launched, as planned, in stores of
"As work on improving the performance of full-line stores progresses, it has become clear that a broad cosmetics business no longer fits with our financial and strategic objectives for Sears full-line stores," the company said in a press release, adding that it would continue to offer selected fragrances and other related products.
Shares of Sears recently fell 18 cents, or 0.4%, to $41.02, while Avon slipped 78 cents, or 1.7%, to $44.47. Meanwhile, J.C. Penney dipped 43 cents, or 1.8%, to $24.20.