Molson Coors cutting 400 to 500 jobs
Molson Coors has announced they are undergoing a restructuring that will result in 400 to 500 layoffs.
“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” Gavin Hattersley, Molson Coors CEO, said in a news release.
“Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors,” he continued.
In the announcement, the company said they will be consolidating their four business units--MillerCoors in the U.S., Molson Coors Canada, Molson Coors Europe and Molson Coors International--into two units, North America and Europe.
As part of this new change, the company will be closing its Denver office and relocating its headquarters to Chicago.
“For nearly 150 years we have brewed great beers in Colorado, and we will continue to brew great beers in Colorado for hundreds of years to come,” Hattersley said.
“This investment will modernize the brewery to allow for more flexibility, enable us to move with pace and deliver new products to meet changing consumer preferences,” he added.
According to the company, these changes will free up $150 million, which the company intends to invest in other areas.
Part of the reason for these changes is related to a decrease in sales. The company saw a 5.8 per cent decrease in sales in Canada.
The drop in sales has been attributed to consumers turning away from mass-produced beer in favour of microbrews and spiked seltzers.
- Molson Coors partners with Hexo to launch cannabis-infused beverages
- Molson Canadian creating variety case of the best Canadian beers
- High-End American Beer Coming to Canada
- Cannabis-infused edibles will soon be sold legally in Canada
- Five things to watch for in the Canadian business world in the coming week: May 17
- HOTW: Inside a $2.3 mil luxury penthouse in Mississauga's Marilyn Monroe condo
- Popular Mississauga restaurant opens luxury tent to keep diners comfortable amid the COVID shutdown
- Mississauga teacher enjoying big lotto win
- All COVID-19 cases in Mississauga schools for the week of October 19 to 24
- BREAKING: Ontario reporting 978 new COVID-19 cases today, six new deaths