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Coca-Cola laying off 2,200 workers as part of a larger restructuring
Coca-Cola laying off 2,200 workers as part of a larger restructuring
AP / Updated: Dec 18, 2020, 09:55 IST
The
Coca-Cola Co. said Thursday it s laying off 2,200 workers, or 17% of its global workforce, as part of a larger
restructuring aimed at paring down its business units and brands.
The Atlanta-based company said around half of the layoffs will occur in the US, where Coke employs around 10,400 people. Coke employed 86,200 people worldwide at the end of 2019.
The
coronavirus pandemic has hammered Coke s business, as sales at places like stadiums and movie theaters dried up due to lockdowns. Its revenue fell 9% to $8.7 billion in the July-September period.
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Coca-Cola laying off 2,200 workers as it pares brands
The Coca-Cola Co. said Thursday itâs laying off 2,200 workers, or 17% of its global workforce, as part of a larger restructuring aimed at paring down its business units and brands. The Atlanta-based company said around half of the layoffs will occur in the U.S., where Coke employs around 10,400 people. Coke employed 86,200 people worldwide at the end of 2019.
The coronavirus pandemic has hammered Cokeâs business, as sales at places like stadiums and movie theaters dried up due to lockdowns. Its revenue fell 9% to $8.7 billion in the July-September period.
The downturn forced the company to accelerate a restructuring that was already underway.
Synopsis
The Atlanta-based company said on Thursday that around half of the layoffs will occur in the US, where Coke employs around 10,400 people. Coke employed 86,200 people worldwide at the end of 2019.
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Coke is reducing its brands by half to 200. It shed multiple slow-selling brands this year, including Tab, Zico coconut water, Diet Coke Fiesty Cherry and Odwalla juices.
The Coca-Cola Company has said that it was laying off 2,200 workers, or 17 per cent of its global workforce, as part of a larger restructuring aimed at paring down its business units and brands.
The Atlanta-based company said on Thursday that around half of the layoffs will occur in the US, where Coke employs around 10,400 people. Coke employed 86,200 people worldwide at the end of 2019.