Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Avon to cut 2,500 jobs, move headquarters to Britain
Yahoo News Via AFP ^ | 03/17/2016

Posted on 03/15/2016 6:52:28 AM PDT by SeekAndFind

New York (AFP) - Struggling cosmetics company Avon Products, Inc. said it was eliminating 2,500 jobs and moving its headquarters to Great Britain, its latest restructuring after selling off its North American business.

The changes were expected to cost $60 million before taxes in mostly employee-related charges in the first quarter of 2016, but headcount reduction will result in $30 million in savings this year, the company said in a statement, released on Monday.

Savings were expected to reach up to $70 million in 2017.

Avon has "significant commercial operations" in Great Britain and the move would happen "over time," the statement said, without giving a specific timeline.

"With the recent completion of the sale of the North American business, our commercial operations are now fully outside of the United States, allowing us to dramatically rethink our operating model," Avon CEO Sheri McCoy said in the statement.

The company will maintain two facilities in New York state, continue to be incorporated in New York and trade on the New York Stock Exchange.

Shares of Avon (AVP) were up two percent in after-market trading.

As of late last year, Avon employed 28,300 people outside of North America.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; News/Current Events; United Kingdom
KEYWORDS: avon; britain; layoffs
Navigation: use the links below to view more comments.
first previous 1-2021-34 last
To: SeekAndFind

Avon upon Stratford-Upon-Avon?


21 posted on 03/15/2016 7:48:20 AM PDT by VanDeKoik
[ Post Reply | Private Reply | To 1 | View Replies]

To: harwood

Today’s news also has some more for Trump or Cruz after Trump talks about it!-)

U.S. retail sales dropped in February and the prior month’s gain was revised to a decline, calling into question the narrative that bigger gains in consumer spending would propel economic growth at the start of 2016.


22 posted on 03/15/2016 8:05:03 AM PDT by Harpotoo
[ Post Reply | Private Reply | To 2 | View Replies]

To: SeekAndFind

Avon’s door to door sales model has been in decline for years as more women work outside the home.


23 posted on 03/15/2016 8:20:37 AM PDT by iowamark (I must study politics and war that my sons may have liberty to study mathematics and philosophy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Avon still exists?! Another company that did not responds well to changing reality.


24 posted on 03/15/2016 8:35:25 AM PDT by discostu (This unit not labeled for individual sale)
[ Post Reply | Private Reply | To 1 | View Replies]

To: harwood
More ammo for Trump

If they have sold their U.S. business then why should they keep their headquarters here?

25 posted on 03/15/2016 8:36:48 AM PDT by DoodleDawg
[ Post Reply | Private Reply | To 2 | View Replies]

To: thefactor
How can the UK be a better place for business than America? Mind-boggling.

Read the story. They no longer have any business in the U.S. having sold off their North American operations. So why keep their headquarters here?

26 posted on 03/15/2016 8:38:31 AM PDT by DoodleDawg
[ Post Reply | Private Reply | To 16 | View Replies]

To: SeekAndFind

I would have moved it to Singapore.

Taxes aren’t that great in UK.

Also, sales in a country being overrun by Muslims cannot be promising.


27 posted on 03/15/2016 8:59:49 AM PDT by chopperman
[ Post Reply | Private Reply | To 1 | View Replies]

To: Hyman Roth
Skin So Soft....................BEST insect repellent ever........Stays in my tackle box.

About the only thing that will keep Sand Flies off.

28 posted on 03/15/2016 10:00:10 AM PDT by Vinnie
[ Post Reply | Private Reply | To 12 | View Replies]

To: chopperman

Taxes are fine.

We aren’t being overru.......oh whats the point.


29 posted on 03/15/2016 12:20:21 PM PDT by the scotsman
[ Post Reply | Private Reply | To 27 | View Replies]

To: thefactor

I know, what with that London fog, all crime having to be solved by that Sherlock ‘Olmes. And all London business conducted by all them Cockernees on market stalls. All the Liverpudlians ‘ave to sell is Beatles records.

And then there’s the rest: all the Scots and Welsh have to sell are kilts, heather and leeks. How can you build a strong economy on that?.


30 posted on 03/15/2016 12:25:38 PM PDT by the scotsman
[ Post Reply | Private Reply | To 16 | View Replies]

To: SeekAndFind

Welcome, Avon.


31 posted on 03/15/2016 12:26:13 PM PDT by the scotsman
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

http://www.bbc.co.uk/news/magazine-35811637


32 posted on 03/15/2016 12:27:13 PM PDT by the scotsman
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Not the most brilliant move they could have made, both with England having to import everything by the shipload and being on the short list of nations about to become Muslim outposts.


33 posted on 03/18/2016 6:20:32 AM PDT by Laser_Ray
[ Post Reply | Private Reply | To 1 | View Replies]

To: N. Theknow

That doesn’t ring a bell.


34 posted on 03/18/2016 6:24:14 AM PDT by Larry Lucido
[ Post Reply | Private Reply | To 6 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-34 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson