Molson Coors Brewing cutting 400 to 500 jobs and restructuring operations
Posted October 30, 2019 10:05 am.
Last Updated October 30, 2019 11:05 am.
This article is more than 5 years old.
MONTREAL — Molson Coors Brewing Co. says it expects to cut about 400 to 500 jobs as part of a restructuring of its business that will see it close its Denver office and designate Chicago as its North American operational headquarters.
The brewer says the cuts are part of a revitalization plan to streamline the company and free up resources to invest in its brands.
The company expects approximately $120 million to $180 million in charges related to the changes.
The brewer, which keeps its books in U.S. dollars, says it lost US$402.9 million or $1.86 per diluted share for the quarter ended Sept. 30 as it was hit by a goodwill impairment charge related to its Canadian operations. The result compared with a profit of $338.3 million or $1.56 per diluted share a year ago.
Net sales totalled $2.84 billion, down from $2.93 billion.
Molson Coors says its underlying profit for the quarter totalled $321.2 million or $1.48 per share for the quarter, down from an underlying profit of $398.5 million or $1.84 per share a year ago.
This report by The Canadian Press was first published Oct. 30, 2019.
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The Canadian Press
