Gillette announced layoffs and asset sales.

As part of a restructuring to handle the $549 million in debt incurred while fighting off a hostile takeover by Revlon, Gillette will eliminate 2,400 jobs, sell some unspecified units and take a $190-million pretax charge against fourth-quarter earnings. Gillette said the 8% reduction in its work force will be achieved during the next three months through layoffs, retirements and attrition. The charge will result in a substantial fourth-quarter loss, but the company will record a profit for the year, Gillette said.