BUSINESS BRIEFING / COSMETICS
Times Wire Reports
Estee Lauder Cos., the maker of Clinique and Bobbi Brown cosmetics, said it would cut 2,000 jobs as declines in makeup and perfume sales reduced second-quarter profit.
The job cuts, about 6% of the workforce, will occur over the next two years, the New York company said. That and other measures, including inventory reduction and a freeze on hiring and merit raises, will reduce expenses as much as $550 million over the next four years, Estee Lauder said.
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