Revlon to Exit China, Cut 1,100 Jobs

Asia Pacific sales for Revlon had fallen this year

   

china map Revlon to Exit China, Cut 1,100 JobsFacing weakening demand in Asia, Revlon (REV) has decided to shutter its Chinese operations.

The cosmetics maker says that it will take a $22 million charge in the current quarter for personnel costs linked to closing operations in China. About 1,100 workers — including 940 “beauty advisors” — will lose their jobs as Revlon leaves China, the Wall Street Journal notes.

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Revlon indicated that the move would trim costs by $11 million annually. Revlon had a worldwide workforce of about 5,100 at the close of last year.

Sales in the Asia Pacific region has declined for Revlon every quarter this year.

REV stock slipped slightly in Tuesday morning trading. REV stock has climbed about 50% since February.


Article printed from InvestorPlace Media, http://investorplace.com/2013/12/revlon-exit-china-cut-1100-jobs/.

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