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Coca-Cola to cut 4,000 jobs after COVID-19 hits Q2 profits

Coca-Cola to cut 4,000 jobs after COVID-19 hits Q2 profits

Business
Coca-Cola announced Friday it will cut 4,000 jobs in North America as part of a reorganization following a rough second quarter in which Covid-19 slashed profits. As sporting events, theaters and entertainment all shut down to stop the spread of the coronavirus, the beverage maker suffered a 32 percent plunge in net income to $1.8 billion in the April-June period while sales fell 28 percent to $7.2 billion. The iconic American brand, that owns dozens of juice, water and soft drink labels, said it plans to cut down to nine business units from 17 currently, but will offer severance packages to employees costing between $350 million and $550 million. “In order to minimize the impact from these structural changes, the company today announced a voluntary separation ...