L'Oreal to Cut 500 U.S. Jobs

French cosmetics company L'Oreal announced on Dec. 12 plans to cut nearly 5% of its workforce in the United States, slashing 500 jobs due to the world economic crisis.

The company, which employs 10,500 people in the U.S., will reduce its workforce there by 4.8% by the middle of next year, a L'Oreal spokeswoman said.

"L'Oreal USA is convinced that putting this plan in place will allow it to consolidate its market position in a particularly difficult economic context and to better seize opportunities in the future," the company said.

Copyright Agence France-Presse, 2008