Cosmetics maker Avon Products has said it would cut about 2,500 jobs worldwide and shift its corporate headquarters to the UK as part of its three-year turnaround plan.
The company sold most of its North American business to Cerberus Capital, its biggest investor, after four years of falling sales.
Avon said it expected to record $60m in pre-tax charges related to job cuts in the first quarter.
The company, which has 28,300 employees, said the transition of its headquarters would occur over time.
In January, Avon had outlined plans to cut $350m in costs over the next three years, invest in technology and tap social media to revive sales.
However, a bigger than expected fall in fourth-quarter sales indicated that the company had failed to revive demand for its cosmetics in key markets.
"We believe that there is still much more that needs to be done to improve the business as outlined in our December 3 letter," shareholder Barington Capital said in a statement.
In December, investors led by Barington proposed a restructuring of Avon, and said they had lost confidence in the makeup brand's leadership.
Barington added that it continued to believe Avon needed to add new independent directors.
Avon said it would maintain its current facilities in Suffern and Rye, New York and continue to trade on the New York Stock Exchange under its current symbol.
The multibillion-dollar firm, which sells products in 70 countries around the world, has opted to move to Britain despite the chance the country will leave the EU after the June referendum.
The company said that moving to the UK will help the company maximise direct connections to its global operations through a UK base.
"We are taking another important step forward in the execution of Avon's transformation plan," commented the company's chief executive Sheri McCoy.
"With the recent completion of the sale of the North American business, our commercial operations are now fully outside of the US, allowing us to dramatically rethink our operating model," she said.
"The actions we are taking today will bring our corporate and commercial businesses closer together, which will drive efficiencies, improve operational effectiveness and deliver significant cost savings," she added.
