The benchmark stock indices opened the day on a
Join us as we follow the top business news through the day.
Reuters reports: “
Coca-Cola laying off 2,200 workers as it pares brands
The Coca-Cola Company has said that it was 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 on Thursday that 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 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.
The downturn forced the company to accelerate a restructuring that was already underway.
“We’ve been challenging legacy ways of doing business and the pandemic helped us realize we could be bolder in our efforts,” Coke Chairman and CEO James Quincey said during an earnings call in October.