Cosmetics maker Revlon will cease operations in China and eliminate about 1100 positions, including 940 beauty advisers, as it restructures its struggling business.
China makes up about 2 percent of Revlon’s net sales. The restructuring would result in about USD22 million of pre-tax charges, the company said in a filing with the US Securities and Exchange Commission. The changes are expected to reduce costs by about USD11 million a year.
The company, which posted profit declines in 2011 and 2012, has been making acquisitions and introducing products as sales in some of its larger brands slow.
(Source: The Sydney Morning Herald Online )