Coca-Cola is preparing to cut up to 4,000 full-time workers in part, due to declining sales during the COVID-19 pandemic. The company called the cuts “voluntary and involuntary” to staff.
The company hopes voluntary buyouts will reduce involuntary staff cuts.
“In order to minimize the impact from these structural changes, the company today announced a voluntary separation program that will give employees the option of taking a separation package, if eligible.” Coca-Cola said in a statement. “The program will provide enhanced benefits and will first be offered to approximately 4,000 employees in the United States, Canada and Puerto Rico who have a most-recent hire date on or before Sept. 1, 2017.”
The severance program is expected to range between $350 to $550 million dollars.
Part of the decline in sales has stemmed from entertainment venues, such as sporting stadiums, movie theaters, and restaurants which have seen a huge disruption due to efforts to mitigate the pandemic.
