Coca-Cola Buying Out 4,000 Workers

CBJ — Coca-Cola has announced it will offer up to 4,000 buyouts to employees, which will be followed by voluntary, and then finally involuntary reductions, if necessary, in order to get to the workforce size if feels is necessary to be the most efficient.The new initiative will impact workers in Canada, U.S., and Puerto Rico.

It is still not clear how many jobs could be lost in total, but severance packages could cost the company more than $550 million. At the beginning of 2020 Coca-Cola had 86,000 employees worldwide.

Coca-Cola’s second quarter sales dropped a concerning 28% to $7.2 billion.