Estée Lauder Cos. said it plans to eliminate between 5,800 to 7,000 positions in a corporate restructuring meant to return the flagging company to sales growth under its new chief executive.

Shares in the iconic beauty products conglomerate plunged after it held off on providing a full-year financial outlook due to “evolving global uncertainty”.

As the company’s sales fell 6 percent in the second quarter, the owner of namesake Estée Lauder, Jo Malone, Tom Ford, Clinique and more, announced plans to ramp up its restructuring program, from 3,000 to between 5,800 to 7,000.