L’Oreal announces headcount reduction
This article was originally published in The Rose Sheet
Executive Summary
L'Oreal USA will reduce its about 10,500 full- and part-time employee workforce by nearly 5%, or 500 positions, in first half of 2009, the firm says. "Acting now to consolidate functions and streamline efficiencies will both strengthen [L'Oreal's] position in the face of the current difficult economic climate and help it to meet the challenges and opportunities that lie ahead," according to a company statement. L'Oreal notes that affected employees will be offered severance packages and outplacement services