Coca-Cola to lay off 2,200 workers as it pares brands

ATLANTA:

The Coca-Cola Company, on Thursday, said that it would lay off 2,200 workers, or 17 per cent of its global workforce to pare down its business units and brands.

The company confirmed that around half of the layoffs would occur in the US.

The company employs 10,400 people in the US alone and has a global workforce of 86,200 people according to a 2019 report.

This latest decision can also be attributed to the ongoing COVID-19 pandemic which had affected the company's sales.

As per reports, the company's revenue fell 9 per cent to USD 8.7 billion in the July-September period which has forced it to come up with a restructuring process.

"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. (Agencies)

(Edited by Andre Kongri)

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