Reginal Thomas
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Avon to Cut 600 Jobs In Restricting


Avon Products, the cometic maker, announced it would be cutting 600 jobs, as the company struggles to turn a profit. The company has posted losses in five of its last six quarters. As of December the company employed 36,700 employees with 4,300 working in the United States. Avon is taking a pretax charge of $45 million -$50 million, of which $40 million is expected to be recorded in the current quarter ending this month. The job cuts along with other restructure plans are expected to save the company about $50 million - $55 million a year. Avon's net loss spread to $168.4 million or 38 cents a share in the first quarter of the year.