Avon to Cut 2,500 Jobs, Move HQ From NYC to UK | NBC 10 Philadelphia
National & International News
The day’s top national and international news

Avon to Cut 2,500 Jobs, Move HQ From NYC to UK

The company said it expects to save $50 million this year from payroll cuts and the closure of open positions

    processing...

    NEWSLETTERS

    AP
    In this July 28, 2010 file photo, a container and brush of Super Full mascara by Avon sits on display in North Andover, Massachusetts.

    Avon Products Inc. said it is cutting 2,500 jobs and moving its headquarters from New York to Great Britain.

    The move comes after the cosmetics giant sold its North American business to private-equity firm Cerberus.

    Avon had 28,300 employees outside its sold-off North American operations at the end of December. It said Monday it will book a $60 million charge in the current quarter due to the layoffs.

    The company said it expects to save $50 million this year from payroll cuts and the closure of open positions. Starting in 2017, it expects to save around $65 million to $70 million a year.

    Avon will keep facilities in Suffern and Rye, New York, and remain incorporated in New York. Its stock will still trade on the New York Stock Exchange.