Avon Will Eliminate 600 More Jobs in Effort to Keep Cutting Costs

Avon Products said it will eliminate another 600 jobs in an attempt to cut expenses.
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Avon Products said it will eliminate another 600 jobs in an attempt to cut expenses. That's on top of the 650 job cuts the company announced in December. The cuts, most of which will be in its corporate organization and North American business, are part of a restructuring program to save $400 million by 2016. Avon said it plans to save $50 million to $55 million a year as a result. The company also said it expects to post a pretax charge of $45 million to $50 million, with $40 million of that charge recorded in the current quarter. Avon has been struggling to restore profitability, reporting net losses in five of the last six quarters.