Avon to cut 2,500 jobs, shift headquarters to U.K.

  • Avon Products (NYSE:AVP) +3.8% AH after saying it is implementing significant changes in its operating model, including job cuts of ~2,500, or ~8% of its workforce.
  • AVP also plans to shift its corporate headquarters “over time” to the U.K., where the company already has significant commercial operations, but will continue to be incorporated in New York.
  • AVP says it expects ~$60M in employee-related charges before taxes in Q1; the company expects ~$30M in pre-tax savings in 2016, and annualized pre-tax savings of $65M-$70M beginning next year.

Article Source: http://seekingalpha.com/news/3167302-avon-cut-2500-jobs-shift-headquarters-u-k

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