Reported about 5 hours ago
Estee Lauder plans to reduce its workforce by up to 7,000 jobs, over 11% of its staff, due to a 6% drop in sales and recent financial losses. The company's CEO announced the changes as a part of a strategy to make the operation more efficient in response to global economic pressures, including slowing markets in China and Korea. Estee Lauder expects significant restructuring costs and has lowered profit expectations for the upcoming quarter, which has resulted in a notable decline in its stock market value.
Source: YAHOO