Skip to comments.Avon Announces 1,500 Layoffs
Posted on 12/12/2012 8:19:52 PM PST by 2ndDivisionVet
Avon Products on Tuesday announced plans to lay off 1,500 workers globally. That's about 3.7 percent of its work force.
The layoffs, which Avon described as part of a previously announced initiative to cut $400 million in annual costs by the end of 2015, are expected to initially cost the company money. In conjunction with moves to exit the South Korea and Vietnam markets, Avon says it will be taking $50 million to $60 million in pre-tax charges in Q4 2012, followed by an additional $30 million in charges as the changes progress.
However, Avon believes it will see immediate cost savings of approximately $80 million annually as a result of changes made through year's end. This suggests that charges taken in late 2012 will be recouped over the course of 2013...
(Excerpt) Read more at fool.com ...
Not even Avon can put lipstick on this pig of an economy.
But it was able to postpone the layoffs until after the elections.
Who knew Avon was still around?
When these folk are out of the workforce unemployment will go down.
One of my mom’s friends was an “Avon Lady” so she has more of those doodads and dustcatchers than most.
Did any of them actually end up being of value, from the sixties onward?
I recall my mother had this one, which went into a tag sale, after she was gone.
Now those poor folks will have to go begging, door-to-door.....
Used to be if you can’t get a job anywhere else, ladies, you sell Avon.
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