Avon Layoffs: AVP to Cut Another 600 Jobs

The job cuts are part of a multiyear restructuring plan

By William White, InvestorPlace Writer


Avon Products (AVP), announced on Monday, that it will be cutting 600 jobs.

avon-avpAvon employed around 36,700 employees in December. 4,300 of these employees were in the United States. The new job cuts will include American employees. The cosmetics company claims that the job cuts will help it save anywhere from $50 million to $55 million a year, reports Reuters.

The cut Avon jobs are only part of a $400 million multiyear plan that the company has to restructure itself, The Wall Street Journal notes.

Avon has seen sales in North America drop by 22% in the first quarter. It also saw net loss increase to $168.4 million from $13.7 million the same time last this. This is an increase of net loss from 3 cents a share to 38 cents a share, Reuters reports.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/06/avon-avp/.

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