Coronavirus leads cosmetic giant to downsize

Cosmetic giant Estee Lauder is feeling the effect of coronavirus. They recently announced major changes, including up to 2,000 layoffs. At least ten percent of Estee Lauder stores will also be closing.

Company officials say the pandemic has affected the bottom line and released a two-year plan to adjust its investments. Moving forward, they will be focusing on digital capabilities, advertising, and promotions.