LM NEWS 24
LM NEWS 24

Coca Cola To Cut Thousands Of Jobs As Covid-19 Hits Sales

Coca-Cola will cut thousands of jobs and reduce the number of business units as it faces declining beverage sales in the coronavirus pandemic.

Coke said the job cuts will come in the form of voluntary and involuntary reductions, reported CNN.

It plans to first offer buyouts to 4,000 employees in the United States, Canada and Puerto Rico and then offer a similar voluntary programme in other countries. The number of people who take the buyout will reduce the number of involuntary layoffs, the company said.

Coke did not say how many jobs could be lost in total but said global severance expenses could range from 350 million dollars to 550 million dollars.

As of December 31, 2019, Coke had 86,200 employees of which about 10,100 were located in the United States, said CNN on Friday (local time).

The company plans to reduce its number of operating units from their current total of 17 businesses in four geographies to nine operating units in those regions.

Coke is focusing on its most popular segments that include its main Coca-Cola line and products like sports drinks, coffees and teas. It also wants to expand in growing categories such as sparkling water and plant-based drinks.

Meanwhile, it has outlined plans to to kill more ‘zombie brands’ or those that are not growing. For instance, the company discontinued its Odwalla smoothie brand in July.

In Coca-Cola’s second quarter, which ended on June 26, the company saw sales drop 28 per cent to 7.2 billion dollars. (ANI)

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.

Privacy Settings saved!
Privacy Settings

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. Control your personal Cookie Services here.

These cookies are essential in order to enable you to move around the website and use its features. Without these cookies basic services cannot be provided.

Cookie generated by applications based on the PHP language. This is a general purpose identifier used to maintain user session variables. It is normally a random generated number, how it is used can be specific to the site, but a good example is maintaining a logged-in status for a user between pages.
  • PHPSESSID

Used on sites built with Wordpress. Tests whether or not the browser has cookies enabled
  • wordpress_test_cookie

In order to use this website we use the following technically required cookies
  • wordpress_test_cookie
  • wordpress_logged_in_
  • wordpress_sec

Decline all Services
Accept all Services
0
Would love your thoughts, please comment.x
()
x