Coca-Cola To Layoff over 1000 staff
As part of the consequences of its dwindling sales, the Coca-Cola company has announced that it will layoff about 1200 of its staff.
The company made this known in its earnings report today, stating that the layoffs, which will begin in the second half of this year, are part of a broader cost-cutting strategy aimed at saving $800 million.
CNNMoney reports that the company's incoming CEO, James Quincey said the moves are being made to make Coke more agile and lean. Coca Cola is also reportedly in the process of re-franchising some of its bottling operations in North America in a bid to save money.
Reports have it that the beverage company has witnessed a fall in consumption rate due to consumers' increased choice of less sugary drinks.
By
Chinelo Okafor
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