Cosmetic company Avon Products, Inc is moving its headquarters to Great Britain and has has decided to eliminate 2,500 jobs. As a part of restructuring process, the company has already sold off its North American business.
It was expected that the changes will cost $60 million before taxes in mostly employee-related charges in the first quarter of 2016. However, the company claims that reducing the headcount will result in $30 million in saving this year.
In Great Britain, the company has significant commercial operations and the move would happen over time. As the sale of North American business has recently concluded, the commercial operations of the company are now fully outside of the United States.
The cosmetic company has employed 28,300 employees outside of North America since late last year. It affirms that it will maintain two facilities in New York state and continue to be incorporated in New York and trade on the New York Stock Exchange.
Avon sells its products door-to-door through 6 million independent representatives in around 70 countries. Company has experienced a set back because of online and traditional retailers and niche brands.
The cosmetic company has employed 28,300 employees outside of North America since late last year
Must Read
