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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.