L’Oréal USA has said it will “be implementing certain restructuring initiatives,” resulting in the elimination of about 500 jobs out of a workforce of 10,500 full- and part-time positions for the U.S. subsidiary of the French beauty giant.
This story first appeared in the December 9, 2008 issue of WWD. Subscribe Today.
That amounts to roughly 4.8 percent of the workforce that will be cut between now and the first half of next year. In a statement, L’Oréal USA said, “the company believes that acting now to consolidate functions and streamline efficiencies will both strengthen its position in the face of the current difficult economic climate, and help it to meet the challenges and opportunities that lie ahead.”
The statement added that severance packages and outplacement services will be offered.