Avon eliminating hundreds of jobs; leaves Ireland

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Associated Press

Posted on April 8, 2013 at 8:02 AM

NEW YORK (AP) — Avon is eliminating more than 400 positions and abandoning or restructuring smaller or underperforming businesses in Africa, the Middle East and Europe, including Ireland.

The company said Monday that the job cuts will occur across all regions and segments.

Avon Products Inc. expects to complete almost all the cuts before year's end.

The New York company will take charges of around $35 million to $40 million before taxes and expects annualized savings of $45 million to $50 million. Avon is trying to achieve $400 million in total cost savings.

Newly arrived CEO Sheri McCoy announced in December that the company would leave Vietnam and South Korea and cut 1,500 jobs companywide.

Avon has suffered through declining sales, a bribery investigation and other issues as it tries to turn itself around.

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