(MENAFN) Avon Products, Inc., the New York City-based giant, is in the process of letting go 2,500 of its employees, plus moving its headquarters from New York to Great Britain, based on reports.
The decision came as the international manufacturer and direct selling company in beauty, household, and personal care categories, sold its N. American business to private-equity firm Cerberus.
The fifth-largest beauty company and second largest direct selling enterprise in the world had 28,300 employees outside its sold-off North American operations at the end of December.
Moreover, the company projects to save USD50 million this year from payroll cuts and the closure of open positions, and starting in 2017, it expects to save nearly USD65-70 million a year.
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