Avon to cut 600 jobs as CEO Sheri McCoy seeks to trim expenses
Avon Products Inc. plans to cut 600 jobs as chief executive officer Sheri McCoy trims costs in a bid to restore profitability at the world’s largest door-to-door cosmetics seller. The job cuts, which will be mostly from the corporate organization and the North American business, will save $50 million to $55 million a year before taxes, the New York-based company said on Monday in a statement. The moves will result in as much as $50 million in pretax charges. McCoy has been cutting jobs and exiting markets as part of a plan to save $400 million by 2016. Avon also is reviewing operations in smaller, underperforming markets to be restructured or closed and last year sold its Silpada jewellery unit. The company has posted net losses in five of the past six quarters.
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