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Revlon to exit China business to cut costs
Revlon is leaving China and cutting 1,100 jobs as part of a cost-cutting measure.
In a regulatory filing Tuesday, the cosmetics company said it will save it $11 million a year from the retreat. Its operations in China make up 2 percent of the company's total sales.
Revlon expects to take a $22 million charge, with about $10 million to pay for employee severance and other benefits. About $12 million of that charge consists of product discounts and inventory write-offs.
Besides its namesake brand of makeup and hair dye, Revlon also makes cosmetics under its Almay and SinfulColors brands.
Shares of Revlon Inc. rose 36 cents, or 1.5 percent, to $24.92 in afternoon trading Tuesday.