Avon to cut jobs
This article was originally published in The Rose Sheet
Executive Summary
Avon expects to reduce its workforce by 8% over next two years with business transformation initiatives, direct-seller says in March 18 Securities and Exchange Commission filing. Cuts will impact about 3,500 of Avon's nearly 44,000 employees. Avon took a $68.3 mil. after-tax charge in fourth quarter relating to organization realignments and facility closings (1"The Rose Sheet" Feb. 11, 2002, p. 10). Company expects to see annual savings of $30 mil. beginning in 2002 from the restructuring. Avon spent $97.2 mil. on advertising in 2001, up 5.2% over 2000 levels; while R&D expenditures rose 6.5% to $45.9 mil...