NEW YORK — Cosmetics giant Estee Lauder announced Thursday that it will close as many as 15% of its brick-and-mortar stores and lay off as many as 2,000 employees to offset losses caused by the novel coronavirus pandemic.

The New York-based company reported a 32% decrease in fourth-quarter sales, citing travel restrictions and forced store closures imposed to contain the virus’ spread, Reuters reported.

Estee Lauder officials are working on a two-year plan to adjust investments in the wake of COVID-19 disruptions, and shuttering at least 10% of the M.A.C. brand owner’s physical locations and eliminating at least 1,500 employees are first steps toward the regrouping effort, WLNY reported.

According to Reuters, the company’s net quarterly sales decreased sharply to $2.43 billion compared with $3.59 billion for the same period one year earlier.

Cox Media Group