Avon to Move Headquarters to UK and Cut 2,500 Jobs
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Avon Products Inc., which split off its North American operations earlier this month, plans to eliminate about 2,500 jobs and shift its headquarters to the U.K. in a cost-cutting move. The shake-up will generate one-time expenses of about $60 million in the first quarter from severance and other costs, the New York-based cosmetics company said in a statement Monday. Avon expects to generate savings of as much as $70 million from the cuts by 2017.