As many as 500 Molson Coors workers are not saying “cheers” to their employer.
The beer giant announced today that it is laying off 400-500 people as part of its big restructuring plan. The news came in its third-quarter earnings report.
The company also plans to close its Denver office and make Chicago its North American operational headquarters.
And it’s tweaking its name a bit: from Molson Coors Brewing Co. to Molson Coors Beverage Co. “to better reflect its strategic intent to expand beyond beer and into other growth adjacencies,” according to the company. The change takes effect in January.
The three companies that are its heritage—Molson, Coors, and Miller—are all about the beer, but in recent years, there’s been a growing focus on other kinds of adult beverages, including hard seltzers like White Claw, Crispin Ciders, and nonalcoholic beers.
“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” Molson Coors president and CEO Gavin Hattersley said in a statement. “Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”
Hattersley has been in the job since late September; he previously was CEO of MillerCoors, the U.S. business unit.
Today the company reported that net sales were a little over $2.8 billion, down 3.2% from the same time last year.
Molson Coors is one of the biggest brewers in the world. Molson and Coors merged in 2005, and in 2016, it acquired full ownership of Miller after a joint venture that had been in place since 2008.