According to Irish news site The Independent, over 5,000 people in Ireland, including door-to-door agents and ten full time employees, will lose their jobs with the abrupt shutdown.
Because of the nature of their business, all members of Avon's sales staff are considered self-employed agents and thus are not entitled to any severance payments.
The international manufacturer made the announcement through a note on their website that said Avon "ceased trading in the Republic of Ireland."
The company also announced that it would cut 400 members of their worldwide staff in an effort to improve their finances saving up to $50 million a year.
Avon said their actions aim to boost efficiency and concentrate resources in high priority markets and activities.
"We continue to work aggressively toward turning around the business," said Avon Chief Executive Officer Sheri McCoy. "The steps outlined today take us closer to our cost-savings goal. At the same time, we remain focused on continuing to streamline the business and driving top-line growth."
Celebrity Couples of 2014 [PHOTOS]