Cosmetics Giant Estee Lauder Announces Store Closures, Layoffs
NEW YORK (CBSNewYork) -- Cosmetics giant Estee Lauder has announced major changes due to the coronavirus pandemic.
The New York-based company plans to close at least 10% of its stores and lay off up to 2,000 employees.
Estee Lauder says it's working on a two-year plan to adjust its investments after losing revenue during the pandemic.
The company says it will also focus on its digital capabilities, advertising and promotions.
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