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.
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.