Avon (AVP) says it's selling its struggling Silpada jewelry business for $85M in cash, plus an...

|About: Avon Products, Inc. (AVP)|By:, SA News Editor

Avon (AVP) says it's selling its struggling Silpada jewelry business for $85M in cash, plus an $15M if the business meets certain earnings targets over the next two years. That's still a big loss, considering AVP bought the jewelry business in 2010 for $650M, making it one of its largest acquisitions in years. But the company says the sale will remove another drag on performance as the company works to turn itself around under CEO Sheri McCoy.