‘Jerry’s Journey’ Avon Leaving California
January 23, 2013 • 760 views
Pasadena, CA Avon Factory
My son-in-law David has been an executive with AVON for 19 years. On Wednesday they announced that the Pasadena Distribution Center would be closing in 2014. Over 200 people will lose their jobs. He is only one of six that will not lose their jobs.
AVON was about to be purchased by Coty for $24 a share and AVON rejected the offer. AVON’s stock is now at $16 a share. A Pasadena City official on the news said that this was a bad thing that 200 people would be losing their jobs, but he said it would be a good thing to develop a 10 acre piece of property.
David told me that AVON has shuttered 3 plants in the last 8 years and they have not sold them. They are still paying maintenance and property taxes. What makes the city of Pasadena get so exited about a piece of property that will just sit there for another 77 years. AVON is happy using a business model from the 60’s.