Cosmetics maker Avon Products Inc said it would cut about 600 jobs, including in its North America unit, as the company struggles to return to profit.
The direct seller of cosmetics, which has posted losses in five of the past six quarters, had about 36,700 employees, including 4,300 in the United States, at the end of December, according to its latest annual filing.
Avon will take a pretax charge of $45 million-$50 million, of which $40 million is expected to be recorded in the current quarter ending June, the company said in a statement on Monday.
The job cuts and other restructuring efforts are expected to result in annual savings of about $50 million to $55 million, Avon said.
The company is struggling to turn around its fortunes after a host of problems in key markets such as Russia, Latin America and the United States hurt profits.
Avon’s net loss widened to $168.4 million, or 38 cents per share, in the first quarter ended March 31 from $13.7 million, or 3 cents per share, a year earlier.
Sales in North America fell 22 percent in the quarter as its products faced competition from inexpensive beauty items at drugstores or from chains such as Sephora.
The company also
Hot Business News Today
Successful Negotiators Don't Fall in Love
by Successful IBO • • 0 Comments
When you’re purchasing a small business, leasing an office, hiring an employee, selling a product, or trying to get a two-year-old to take one more bite of peas–here are things to keep in mind.
Hot Business News Today
A Stylish Social Strategy
by Successful IBO • • 0 Comments
Fashion Project is an online clothing donation service that takes gently used items to be resold on the site, with proceeds from each sale benefiting charities.
Hot Business News Today
Searching for Wisdom? Search Yourself
by Successful IBO • • 0 Comments
The truth is, there is nothing conventional about wisdom. Wisdom is rare. And wisdom originates entirely from individuals, as does critical thought, problem solving, breakthrough insights, innovative concepts and creative ideas.
Hot Business News Today
PedalCoach App Helps Truckers Save Fuel
by Successful IBO • • 0 Comments
LinkeDrive’s PedalCoach app works to help trucking companies save on fuel costs by improving driver behavior.
Hot Business News Today
Three ViSalus Latino Promoters Hit Ambassador
by Ted Nuyten • • 0 Comments
Ambassadors Blanca Flores and Teddy Roque were recently recognized at the Los Angeles and Orlando RSTs (Regional Success Training) for becoming $100,000* lifetime earners.
Joining them in the elite ranks of top Promoters is brand-new Ambassador Shantelle Lucero Rojo.
These three Latino Promoters have been making ViSalus (Vi) headlines within the past year:
Ambassador Blanca Flores became the 2014 Vi Model and made the cover of The Challenge Magazine.
Ambassador Teddy Roque pawned his grandfather’s ring to enroll with an Executive Promoter System.
Shantelle Lucero Rojo became a 2014 USA Western Regional Champion in the Vi Model category.
These Vi Latinos are back in the spotlight for achieving new levels of success as Promoters—building even more momentum for their market.
We asked them what these new milestones mean to them, and about their next big goal with ViSalus.
NEW $100K Lifetime Earner: Ambassador Blanca Flores
“Being recognized at RST for becoming a $100K lifetime earner was unreal! I can’t believe that we (my husband Armando Flores and I) did it simply through getting fit and healthy, and sharing it with everyone!
We have honestly never looked at our commissions, so when they called our names on stage, we were in complete shock. We knew one day we’d
Hot Business News Today
6 Ways to Land a Partnership With a Fortune 100 Company
by Successful IBO • • 0 Comments
Landing a partnership with a Fortune 100 company could be the deal that puts your startup on the map.
Hot Business News Today
Bonus! The Perk Employers Are Coming to Rely On
by Successful IBO • • 0 Comments
More workers than ever are finding a little something special in their paychecks this year.
Hot Business News Today
Email Nirvana: Clean Your Inbox in 3 Simple Steps
by Successful IBO • • 0 Comments
The sheer volume of emails the average person receives on a daily and weekly basis can be overwhelming.
Hot Business News Today
Herbalife Partners With Competitor Group, Inc.
by Tina Williams • • 0 Comments
Herbalife HLF , a leading global nutrition company, today announced that it is partnering with Competitor Group, Inc. (CGI) to sponsor the Events DC Nation’s Triathlon, one of the premier olympic distance triathlons in the United States. The sponsorship reflects the Herbalife commitment to help people around the world lead a healthy, active life.
Herbalife will be the title sponsor of the “Herbalife Congressional Challenge” and the “Herbalife Recovery Zone.” The Herbalife Recovery Zone will feature a selection of Herbalife24™ sports nutrition products, which are designed to help athletes train, compete, recover and perform at the highest level, including Herbalife24™ Rebuild Endurance recovery shake and H3O® Fitness Drink. Herbalife will also provide athletes with nutrition tips and best practices for pre-, during, and post-event to assist participants in training for this and future events.
“Herbalife is very excited to be partnering with CGI on such a landmark event,” said Rob Levy, executive vice president, worldwide sales and marketing, Herbalife. “The endurance athlete community is one we have a longstanding respect for and relationship with, both through the events we are involved with around the world and the successful athletes who benefit from Herbalife® sports nutrition products. We look forward to welcoming all participants