Avon (AVP, $1.89) To Cut Workforce by 10%

Avon Products said that it plans to reduce its global workforce by 10% this year.

The cosmetics and personal care company expects the employee retrenchment to save about $97 million (before taxes) by the end of this year. It estimates charges related to layoffs to be about $100 million before taxes. 

Last year, Avon slashed 8% of its employee count. This year’s workforce reduction is apparently a part of the company’s restructuring and  inventory management. "Decisions like these are always difficult, however, we must take the actions necessary to improve our operations and strengthen our ability to continue investing in our transformation initiatives and fuel our future growth”, said Jan Zijderveld, CEO of Avon.

Avon is also cutting back on its Stock Keeping Units (or SKU codes) by a quarter to save on long-term costs. 

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Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.