Coca-Cola will cut nearly 2,200 jobs worldwide, with 1,200 jobs in the United States expected to be cut as a result of declining sales during the coronavirus pandemic.
The US job losses represent nearly 12 percent of the nearly 10,400 jobs the company reported late last year. Five hundred jobs are also expected to be cut at the beverage company’s headquarters in Atlanta, CNN reported.
Voluntary and involuntary departure is expected, costing Coca-Cola between $ 350 million and $ 550 million in termination benefits. The company also has plans to scale down from 17 operating companies in four regions to just nine, CNN said.
Coca-Cola has been preparing for austerity since this summer, when it offered buyouts to nearly 4,000 employees in Canada and the US. Earlier this year, the brand also announced it would be discontinuing Tab, Odwalla and Zico, the news outlet reported.
It is reported that nearly 86,200 people worked for Coca-Cola last year.