NEW YORK (AP) — Avon Products says it will cut about 1,500
jobs and exit two Asian markets as the struggling beauty products seller
takes some initial steps toward its cost-cutting goal.
The New
York company will leave South Korea and Vietnam to focus on high
priority markets as part of a push to save $400 million by 2015. The
initial steps are expected to be largely completed by the end of next
year.
Avon will take a charge of between $50 million and $60
million in the fourth quarter tied to the cost cutting. It says initial
steps will account for about 20 percent of its savings goal.
Avon
Products Inc. makes Skin So Soft lotion and Mark makeup. It has
struggled for years to turn around results at home and in emerging
markets.
Copyright 2012 The Associated Press.
NEW YORK (AP) — Avon Products says it will cut about 1,500
jobs and exit two Asian markets as the struggling beauty products seller
takes some initial steps toward its cost-cutting goal.
The New
York company will leave South Korea and Vietnam to focus on high
priority markets as part of a push to save $400 million by 2015. The
initial steps are expected to be largely completed by the end of next
year.
Avon will take a charge of between $50 million and $60
million in the fourth quarter tied to the cost cutting. It says initial
steps will account for about 20 percent of its savings goal.
Avon
Products Inc. makes Skin So Soft lotion and Mark makeup. It has
struggled for years to turn around results at home and in emerging
markets.
Copyright 2012 The Associated Press.