Coty withdrawal pressures Avon for turnaround

Sherilyn McCoyAvon Products Inc's loss of a $10.7 billion takeover bid from smaller cosmetics rival Coty Inc leaves shareholders hoping that new Chief Executive Sherilyn McCoy has a great turnaround plan in the works. Coty withdrew the $24.75 a share offer Monday night and the stock fell more than 10 percent on Tuesday as investors were left to focus on Avon's blemishes, which include falling sales, rising labor costs in important international markets like Brazil and a shrinking army of sales

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