March 2016

Avon to cut 2,500 jobs, move HQ from NYC to UK

Avon Products Inc. says 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.