The job cuts and other restructuring efforts are expected to result in annual savings of about $50 million to $55 million, Avon said.
The company is struggling to turn around its fortunes after a host of problems in key markets such as Russia, Latin America and the U.S. hurt profits, Reuters added.
Avon reported a net loss of $168.4 million, or 38 cents per share, in the first quarter ended March 31, from $13.7 million, or 3 cents per share, a year ago.
The company's stock closed down -1.67% to $14.69 yesterday.
TheStreet Ratings team rates AVON PRODUCTS as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVON PRODUCTS (AVP) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."