Avon merchandise says it's miles
reducing 2500 jobs and shifting its headquarters from new
york to the United
Kingdom.
The flow comes after the cosmetics giant offered its North
American business to private-fairness firm Cerberus.
Avon had 28,three hundred employees
outdoor its offered-off North American operations on the cease of December. It
stated on Monday it's going to ebook a $US60 million ($A79.ninety seven
million) fee inside the cutting-edge quarter because of the layoffs.
The organization said it expects to save $US50 million this
year from payroll cuts and the closure of open positions. starting in 2017, it
expects to save round $US65 million to $US70 million a year.
Avon will keep facilities in Suffern
and Rye, the big apple, and
continue to be integrated in new york.
Its stock will nevertheless change on the the big apple stock trade.
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