Avon Products says it will cut 600 more jobs

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Associated Press

Posted on June 23, 2014 at 3:01 PM

Updated Tuesday, Jun 24 at 1:02 AM

NEW YORK (AP) — Avon Products says it will cut another 600 jobs as it tries to reduce its spending.

The direct seller of cosmetics said Monday that most of the eliminated jobs will be in its corporate organization and its North American business.

Avon Products Inc.'s sales have been steadily dropping. Under Sheri McCoy, who became CEO in 2012, Avon has cut costs, slashed jobs and left unprofitable markets.

Avon is trying to trim $400 million in spending by 2016 and says the latest cuts should contribute $50 million to $55 million in annual savings.

The company says it expects to take $45 million to $50 million in charges as a result of the cuts, mostly in the second quarter.

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