Beauty products company Avon is selling the jewelry business Silpada Designs back to its co-founders and their families for $85 million, well below the $650 million it paid three years ago.
Avon has been struggling at home and abroad as weak sales have hurt its profitability. CEO Sheri McCoy is pursuing a turnaround plan to cut costs, leave unprofitable markets and streamline operations.
The families of Silpada co-founders Jerry and Bonnie Kelly and Tom and Teresa Walsh, through their company Rhinestone Holdings Inc., were the highest bidders.
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