Avon Restructuring
This article was originally published in The Rose Sheet
Executive Summary
Direct seller will lay off more than 900 employees as part of its "ongoing process to take layers out of the organization," Avon reports in 8-K filed May 24. Move is part of company's multi-year restructuring effort. Initiative will result in charges of about $25 mil.-$30 mil. before taxes, and company notes it is likely to announce further exit and disposal costs related to restructuring initiatives. Earlier this month, Avon announced plans to cut 1,300 employees also in line with restructuring initiatives. Avon unveiled the multi-year restructuring plan aimed at restoring growth last fall, noting it will result in costs of $300 mil.-$500 mil. before taxes, a significant portion of which will be taken this year (1"The Rose Sheet" Nov. 21, 2005, p. 3)...
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