Cosmetics and fragrance giant Coty Inc. said it would restructure its operations and take a $3 billion write-down on the multibillion-dollar beauty business it acquired nearly three years ago from Procter & Gamble Co.
Coty, whose products include OPI nail polish and CoverGirl makeup, said Monday it struck a deal with creditors to provide enough funding to carry out a restructuring plan that will downsize staffing and product offerings while reorganizing the business into distinct geographic units.
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