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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