Amid declining sales, Avon announces 400 job cuts. (Elise Amendola / Associated…)
Struggling cosmetic firm Avon Products Inc. is cutting more than 400 jobs and leaving Ireland as it continues efforts to slim down amid profit plunges and other troubles.
Avon said the job cuts, which account for about 1% of its global workforce, will be “spread across all regions and functions.”
The New York firm also said Monday it's restructuring or closing operations in some "smaller, underperforming markets" in the Middle East, Africa and Europe.
“We continue to work aggressively toward turning around the business,” Avon Chief Executive Officer Sheri McCoy said in a statement. “The steps outlined today take us closer to our cost-savings goal. At the same time, we remain focused on continuing to streamline the business and driving top-line growth.”
Longtime Chief Executive Andrea Jung stepped down in 2012, a year that saw revenue decline, profit fall sharply and executives in China face a bribery probe.
In December, Avon eliminated about 1,500 jobs and announced its exit from South Korea and Vietnam. A month later, the company said it would close its Pasadena and Atlanta distribution facilities.
Avon said the trims announced Monday would save $45 million to $50 million annually. Avon hopes to save $400 million by 2016.
The company's stock was up 17 cents in mid-morning trading.
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