News Summary: Avon cuts some jobs

AP News
Posted: Apr 08, 2013 10:03 AM

THE NEWS: Beauty products seller Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including an exit from Ireland.

THE CONTEXT: The company said Monday that the job cuts, which are about 1 percent of Avon's 39,100 employees, will occur across all regions and segments. It is part of a turnaround plan under CEO Sheri McCoy, with the goal of achieving mid-single digit percentage revenue growth and $400 million in cost savings by 2016.

WHAT'S NEXT: Avon expects to complete almost all the cuts before year's end.