Avon Products Inc. is negotiating to sell a stake to a private-equity firm, a sign that the cosmetics purveyor has been unable to find a buyer for the entire company.
Thursday’s news didn’t go over well with Wall Street. Investors often frown on companies selling stock at depressed prices and diluting existing owners. Shares of Avon fell 9.5% to $4.10, and are now down 56% on the year. The stock has lost roughly 90% of its value.