Estée Lauder announces store closures, layoffs

National and World

Company officials say the pandemic has affected the bottom line

Estée Lauder

CNN Newsource

(CNN) – Estée Lauder is feeling the effects of the coronavirus.

The cosmetic giant announced major changes, including up to 2,000 layoffs.

At least 10% of Estée Lauder stores will be closing.

Company officials say the pandemic has affected the bottom line and announced a two-year plan to adjust its investments.

They’ll also focus on digital capabilities, advertising and promotions.

More stories from WKBN.com:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.