Avon Products layoffs, on the record

Headcount, as reported

Job cuts, severance and restructuring

1. Our summaryRestructuring actions under Open Up Avon, announced in January 2019, included a reduction in global workforce. January 2019

   Word for word“In January 2019, we announced significant advancements in this strategy, including a structural reset of inventory processes and a reduction in global workforce.” 10-K for 2020

2. Our summarySenior officers of the company were terminated in connection with the Natura transaction, with severance paid. January 2020 · Affected: certain senior officers

   Word for word“During January 2020, it was announced that the employment of certain senior officers of the Company would be terminated, in connection with the Transaction.” 10-K for 2020

3. Our summaryCosts related to the Transaction included severance payments, professional fees and accelerated share-based compensation for terminations triggered by change in control provisions. During 2020

   Word for word“During 2020, the Company recorded approximately $86 of costs related to the Transaction, primarily including professional fees incurred of approximately $46, severance payments of approximately $25 and acceleration of share based compensation of approximately $10 relating to these terminations triggered by change in control provisions.” 10-K for 2020

4. Our summaryNet charges for employee-related costs, including severance benefits, were recorded under CTI restructuring in SG&A.

   Word for word“Net charges for employee-related costs, including severance benefits 5.2 56.4 42.6 Implementation costs, primarily related to professional service fees 10.3 44.9 30.9 Dual running costs 3.1 9.1 4.1 Contract termination and other net costs 3.9 7.9 3.2 Impairment of other assets .8 5.3 4.0 Accelerated depreciation .4 1.3 3.5 Variable lease charges 1.8 1.9 — Foreign Currency Translation Adjustment Write-offs — — .7 25.5 126.8 89.0 CTI recorded in operating profit 23.7 139.3 180.5 CTI recorded in other (income) expense Gain on sale of business / assets ( 1.5 ) ( 23.3 ) — Total CTI $ 22.2 $ 116.0 $ 180.5 Avon Integration $ 16.1 $ — $ — Open Up & Grow $ 10.9 $ 106.6 $ 143.2 Transformation Plan & Other $ ( 4.8 ) $ 9.4 $ 37.3 The tables below include restructuring costs such as employee-related costs, inventory and asset write-offs, foreign currency translation write-offs and contract terminations, and do not include other costs to implement restructuring initiatives such as professional services fees, dual running costs, accelerated depreciation and gain on sale of business.” 10-K for 2020

5. Our summaryOpen Up & Grow restructuring actions are expected to continue over three years, with severance and other charges. Over the next three years

   Word for word“Over the next three years, savings are expected to continue to be achieved through restructuring actions (that may continue to result in charges related to severance, contract terminations and asset write-offs), as well as other cost-savings strategies that would not result in restructuring charges.” 10-K for 2020

6. Our summaryCompany recorded restructuring net charges for employee-related costs, including severance benefits, under its CTI restructuring initiatives.

   Word for word“Net charges for employee-related costs, including severance benefits 36.7 5.2 56.4 Implementation costs, primarily related to professional service fees 17.5 10.3 44.9 Dual running costs 1.1 3.1 9.1 Contract termination and other net costs 10.5 3.9 7.9 Impairment of other assets 1.0 .8 5.3 Accelerated depreciation .3 .4 1.3 Variable lease charges 1.6 1.8 1.9 Foreign Currency Translation Adjustment Write-offs — — .7 68.7 25.5 127.5 CTI recorded in operating profit 68.7 23.7 140.0 CTI recorded in other (income) expense Gain on sale of business / assets ( 9.9 ) ( 1.5 ) ( 23.3 ) Total CTI $ 58.8 $ 22.2 $ 116.7 Avon Integration $ 15.4 $ 16.1 $ — Open Up & Grow $ 44.0 $ 10.9 $ 106.6 Transformation Plan & Other $ ( .6 ) $ ( 4.8 ) $ 9.4” 10-K for 2021

7. Our summaryCompany recorded severance payments within costs related to the Natura Transaction in 2020. Year ended December 31, 2020

   Word for word“For the year ended December 31, 2020, costs related to the Transaction primarily include professional fees of approximately $ 46 , severance payments of approximately $ 25 and acceleration of share based compensation of approximately $ 10 relating to these terminations triggered by change in control provisions.” 10-K for 2021

8. Our summaryCompany recorded net restructuring costs under the Open Up & Grow program, including severance and employee-related costs. During the twelve months ended December 31, 2021

   Word for word“During the twelve months ended December 31, 2021, we recorded net costs to implement of $ 58.8 , of which $ 15.4 related to Avon Integration, $ 44.0 related to Open Up & Grow, and a net benefit of $ 0.6 related to the Transformation Plan and other restructuring initiatives, in our Consolidated Statements of Operations.” 10-K for 2021

9. Our summaryCompany disclosed Open Up & Grow restructuring liability for employee-related costs, with 2021 charges of employee-related costs. Balance at December 31, 2021

   Word for word“Employee-Related Costs Inventory/ Asset Write-offs Contract Terminations/Other Total Balance at December 31, 2019 $ 17.8 $ — $ 6.4 $ 24.2 2020 charges 2.7 .7 3.8 7.2 Adjustments ( 3.0 ) ( 1.8 ) — ( 4.8 ) Cash payments ( 7.8 ) — ( 7.4 ) ( 15.2 ) Non-cash write-offs — 1.1 — 1.1 Foreign exchange ( .7 ) — — ( .7 ) Balance at December 31, 2020 $ 9.0 $ — $ 2.8 $ 11.8 2021 charges 33.8 1.0 3.4 38.2 Adjustments ( 1.3 ) — — ( 1.3 ) Cash payments ( 26.8 ) — ( 5.0 ) ( 31.8 ) Non-cash write-offs — ( 1.0 ) — ( 1.0 ) Foreign exchange ( .7 ) — — ( .7 ) Balance at December 31, 2021 $ 14.0 $ — $ 1.2 $ 15.2” 10-K for 2021

10. Our summaryAvon recorded net restructuring implementation costs for 2022 across the Avon Integration, Open Up & Grow and Transformation Plan initiatives. During the twelve months ended December 31, 2022 · Cost: $ 68.6

    Word for word“During the twelve months ended December 31, 2022, we recorded net costs to implement of $ 68.6 , of which $ 25.5 related to Avon Integration, $ 44.1 related to Open Up & Grow, and a net benefit of $ 1.0 related to the Transformation Plan and other restructuring initiatives, in our Consolidated Statements of Operations.” 10-K for 2022

11. Our summaryAvon plans to close its Suffern research and development facility and move those activities to Brazil and Poland, with expected restructuring costs of about $37 million. in the fiscal year ending December 31, 2022 · Cost: approximately $ 37

    Word for word“Avon expects to incur total non-recurring restructuring costs in connection with the closure and relocation in the amount of approximately $ 37 , of which approximately $ 10 was incurred in the fiscal year ending December 31, 2022 and the remainder to be incurred in the fiscal year ending 31, 2023, 2024 and 2025.” 10-K for 2022

12. Our summaryIn 2020 Avon paid severance tied to terminations triggered by change in control provisions after the Natura merger. During 2020 · Cost: approximately $25

    Word for word“(3) During 2020, the Company recorded approximately $86 of costs related to the Transaction, primarily including professional fees incurred of approximately $46, severance payments of approximately $25 and acceleration of share based compensation of approximately $10 relating to these terminations triggered by change in control provisions.” 10-K for 2022

Avon Products filed 4 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.

Read from Avon Products’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-03-14. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.