Avon Cosmetics to lay off over 900 workers
Avon Products Inc., the world's largest direct seller of cosmetics,
on Wednesday said it will lay off more than 900 employees as part of
its restructuring program.
The move is part of an "ongoing process to take layers out of the
organization," the company said in a filing with the Securities and
Exchange Commission. Avon, which maintains its Western regional
headquarters in Pasadena, expects to log charges of $25 million to $30
million as a result of the layoffs.
New York-based Avon is undergoing a restructuring plan that is
expected to cost up to $500 million. The company didn't say where the
layoffs would occur.
Avon shares rose 4 cents to end at $31.64 on the New York Stock Exchange.
Global e-Point gets acquisition funding
INDUSTRY - Global e-Point Inc., an Industry-based manufacturer of
video surveillance systems, announced Wednesday $8.2 million in
financing to assist in the acquisition of Ponoma, Calif.-based Tops
Digital Security Inc.
Shares of Global e-Point fell 31 cents, or 11.27 percent, to close
at $2.44 on the Nasdaq Stock Market. Over the past 52 weeks, the stock
has traded from $2.38 to $8.
Global e-Point recently agreed to acquire Tops' assets, including
intellectual property and the company's customer base. The company
expects to complete the acquisition by the end of May.
Meanwhile, Global e-Point said it sold Tops enterprise digital video
surveillance systems to the Orange County-based California Probation
Department for use in its Orange County Juvenile Hall.