Coke Firing 12% Of US Workers Due To Covid | ZeroHedge

Coca-Cola, said it was cutting 2,200 jobs globally, including 1,200 in the US, as the coronavirus pandemic forces the soda giant to restructure, i.e., slash costs. The reductions amount to roughly 12% of the company’s US workforce.Coke will make the job cuts through a combination of buyouts and layoffs, a spokesman told the WSJ. In August, Coke offered voluntary-separation packages to about 4,000 employees in the U.S. and Canada, but it hasn’t said how many people participated.The Atlanta-based company, which had 86,000 employees at the start of the year, has been slashing expenses and products amid the covid-induced wasteland that has resulted in closures of restaurants, bars, movie theaters and sports stadiums. In Q3, Coke reported $8.7 billion in revenue, down 9% Y/Y while profit fell a third from a year ago to $1.74 billion.According to the Journal, Coke’s North America business unit will be reorganized to look more like other units around the world, by which it means “streamlined” in order to eliminate unnecessary overhead.

Source: Coke Firing 12% Of US Workers Due To Covid | ZeroHedge

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