Avon Products, Inc. (AVP) has announced that it will be reducing its workforce by 2,500 employees.
The Avon layoffs announced by the beauty products company are part of a transformation plan to bring its corporate and commercial businesses closer together. It expects total charges for the layoffs to be $60 million.
Also announced alongside the Avon layoffs was that it now no longer has commercial operations in the United States with the selling of its North America business. It’s three-year plan to transform the company also includes moving its headquarters to the UK, but it will still trade on the New York Stock Exchange.
Avon’s plan also includes revising its commercial business. The company said that it wants all regions to have “consistent roles, responsibilities and processes.” It expects this to improve cost efficiencies and effectiveness.
AVP shares were down 7% as of Tuesday morning.
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