Manufacturing Industry
Avon predicts $14m job cuts bill this year.(FINANCIAL NEWS)
Cosmetics International, January, 2007
Direct selling giant Avon Products Inc has announced that it faces a bill of between $11m and $14m before taxes as a result of its latest round of job cuts as well as $1m in other costs.
The New York-based company revealed the figures in a filing to the US Securities and Exchange Commission (SEC) this week after the cuts were approved at a meeting of its board of directors on December 15.
The news follows an announcement in November last year by Avon chairman and ceo Andrea Jung who laid out multi-year plans to restructure the company in a bid to cut costs and stimulate sales. Restructuring has particularly targeted management layers and, to date, the company has axed approximately 10 per cent of its 49,000 workforce.
In October, Avon reported...
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