Estée Lauder to Close 15 Percent of Stores

Estée Lauder (New York) is planning to cut up to 2000 jobs and permanently close between 10 and 15 percent of its freestanding stores as part of its two-year initiative dubbed “Post-COVID Business Acceleration Program,” Business Insider reports. The company announced the plan Thursday.

Due to a sales slump caused by the COVID-19 pandemic, the company has reported a 4 percent decrease in annual sales for the fiscal year, which ended June 30.

The company said in a press release, “COVID-19 and its wide-ranging impacts have also influenced consumer preferences and practices due to the closures of offices, retail stores and other businesses and the significant decline in social gatherings. The demand for skin care and hair care products has been more resilient than the demand for makeup and fragrance.”