(NEW YORK) — Avon says it plans to slash approximately 1,500 jobs — the first step in what is expected to be a series of cost-cutting moves for the struggling cosmetics giant.
Avon also said it is also pulling out of South Korea and Vietnam as part of a larger plan to save money.
“These actions are aimed at concentrating resources on high-priority markets and activities and boosting efficiencies, and are expected to be largely completed before the end of 2013,” the company said.
“In order to turn around the business, we are focused on driving top-line growth and aggressively managing our cost base,” said CEO Sheri McCoy. “The decisions outlined today are necessary to stabilize the company and begin the process of returning Avon to sustainable growth.”
Copyright 2012 ABC News Radio
David Goldman, CNN Newswire
Brian Stelter, CNN Money