Avon (2013)
THE REASON: 24/7 Wall St. said It would be hard to find another large American company as bad off as Avon Products. Avon’s long time CEO, Andrea Jung, was ousted late last year after nearly wrecking the company. The SEC’s examination of Avon’s communications with securities analysts cost CFO Charles Cramb his job. And Avon was also under scrutiny for whether its Chinese operations met compliance standards under the Foreign Corrupt Practices Act. Oh – and the beautl market is also highly competitive.
TODAY: Avon is hanging by a thread. In June, it announced additional actions as part of the company’s ongoing turnaround efforts to return Avon to sustainable, profitable growth. That included global headcount reductions of approximately 600 positions, largely in the corporate organization and North America business unit. Its first-quarter 2014 operating loss was $51 million, and sales decreased 11%.
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