Avon to shed 1,500 jobs in global shake-up
Wednesday 12 December 2012
Printable
EmailBeauty and cosmetics company Avon said today that it will cut about 1,500 jobs in initial steps toward its cost-cutting goal.
The job cuts amount to almost 4 per cent of its workforce. About 100 of the jobs will be in South Korea and Vietnam, where the door-to-door sales company has decided to pack in its business.
"The decisions outlined today are necessary to stabilise the company and begin the process of returning Avon to sustainable growth," claimed chief executive Sheri McCoy.
The New York-based company said that it plans to save $400 million (£250m) by 2015.
Avon Products has struggled to improve its performance this year after suffering through declining sales and a bribery investigation.
Pre-tax costs related to its plans are expected to total between £50m and £55m.
If you appreciated this article then please consider donating to the Morning Star's Fighting Fund to ensure we can keep developing your paper.
Editorial
Stand by our firefighters
Fire Minister Brandon Lewis probably had a fair idea what Sir Ken Knight would deliver when he asked him to conduct an "independent" report into fire and rescue services in England.
Features
A timely reminder of the long fight ahead
As LGBT activists worldwide celebrate anti-homophobia day we are reminded of prevailing prejudice
Fighting child abuse in the community
Bradford has seen the launch of a new campaign to battle the sources of child sex exploitation - and combat far-right bids to make it a racial issue