Avon to Cut 1,500 Jobs; Exit South Korea, Vietnam

Avon Products Inc., the world’s largest door-to-door cosmetics seller, will cut about 1,500 jobs globally and exit South Korea and Vietnam as part of a plan to save $400 million by the end of 2015. The steps will result in pretax costs of about $80 million to $90 million, with $50 million to $60 million recorded in the fourth quarter, the company said yesterday. Chief Executive Officer Sheri McCoy, who took over in April, announced the cost-cutting goal last month and said she would lower the company’s dividend as it works to recover from three years of declining profit.

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