Avon making more job cuts

February 19, 2009 6:15:01 AM PST
Beauty supplier Avon Products Inc. says it will make even more cuts in its restructuring than previously announced.

The cosmetics retailers said Thursday its original restructuring plans are now expected to approach $900 million in savings.

New York-based Avon has already raised prices, cut jobs, closed some operations and moved some work to countries where labor is cheaper.

In addition, it also says it will cut another $200 million in annual supply chain costs by 2012 or 2013. Avon expects to begin making those cuts in the second half of the year at a cost of $300 million to $400 million.

Avon's fourth-quarter results disappointed analysts as the stronger dollar and weakened consumer spending slump crimped revenue.

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