NEW YORK (TheStreet) -- Avon Products  (AVP - Get Report)  has announced that it will move its headquarters to the U.K. from New York City and will reduce its workforce by roughly 2,500 in multiple locations.

The beauty products manufacturer expects that these efforts will generate as much as $70 million in pre-tax savings by early 2017. 

The moves are part of the company's three-year turnaround plan, and follow the sale of 80% of its North American business to private equity firm Cerberus Capital management in December.

"2016 will be a transition year," Sterne Agee wrote in a March note, Real Money reports today. "With sale of North America to Cerberus, re-constituted core should gradually improve throughout year behind incremental second-half pricing, moderating foreign-exchange pressure, and growing cost savings. We forecast about 2% organic topline growth and operating margin flat to slightly up."

Shares are down 0.23% to $4.37 in pre-market trading on Tuesday. 

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

Avon's weaknesses include its weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: AVP

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.