Avon to cut 2,500 jobs, move headquarters to Britain

Struggling cosmetics company Avon Products, Inc. said Monday it was eliminating 2,500 jobs and moving its headquarters to Great Britain, its latest restructuring after selling off its North American business.

The changes were expected to cost USD60 million before taxes in mostly employee-related charges in the first quarter of 2016, but headcount reduction will result in USD30 million in savings this year, the company said in a statement.

Savings were expected to reach up to USD70 million in 2017.

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