Dec. 18 (UPI) — Coca-Cola has made the decision to slash 2,200 work amid declining product sales and a many years-very long effort to change its business enterprise product, the company explained.
The firm experienced about 10,400 U.S. workers at the close of 2019 and the new cuts represent about 12% of that workforce.
The soda maker has been afflicted by declining sales at dining establishments nationwide that have shut or been restricted given that the commence of the COVID-19 pandemic, as effectively as the loss of crowds at sporting arenas, motion picture theaters and other venues.
The voluntary and involuntary departures and severance deals will expense Coca-Cola among $350 million and $550 million.
Coca-Cola has about 4,800 employees in metro Atlanta, but most have been doing the job remotely in the course of the pandemic. The reductions are component of a major reorganization introduced in the summer season.
The firm claimed then it would to start with offer you voluntary layoffs and hinted at involuntary occupation cuts to stick to.
“We have been on a multiyear journey to change our business,” Coca-Cola Chairman and CEO James Quincey mentioned at the time.
“As we employ these changes, we’re continuing to evolve our business, which will consist of major changes in the framework of our workforce.”
The corporation introduced in Oct that it will discontinue hundreds of its manufacturers, these types of as Tab.