Coca Cola Laying off 421 Employees in Atlanta
America’s beloved beverage company The Coca-Cola Co is laying off hundreds of employees as planned. The Atlanta-based company has filed an official notice with the Georgia Department of Economic Development that says a total of 421 layoffs will be taking place at three office locations in Atlanta.
This round of layoffs is part of 1,200 company-wide job cuts that Coca-Cola had announced in April.
According to the notice that the company sent out, a total of 334 employees will be handed pink slips at Coca-Cola’s corporate headquarters. In addition, 59 employees will be let go from their positions at offices in the SunTrust Plaza building, while an additional 28 people will lose their jobs at another Coke office building, located next to its headquarters.
The job cuts notice is required under the Worker Adjustment and Restraining Notification Act (WARN Act), which demands that affected employees be warned about their layoffs at least 60 days in advance.
Job Cuts at Coca-Cola Part of Savings Plan
The company has said that the layoffs are expected to continue through 2017, and possibly 2018. The layoffs are taking place under CEO James Quincey, who took over the helm of the company in May.
Coca-Cola is now restructuring as it strives to cut costs. The company expects that the restructuring and job cuts will save nearly $800.0 million over the next two years. The company had previously announced that it was undertaking efforts to save an additional $3.0 billion in 2018 and 2019.
Coca-Cola has been struggling with declining sales in recent quarters as consumer tastes have changed. At the same time, the company faces competition from its biggest rival, PepsiCo, Inc.
The 1,200 jobs being eliminated will affect Coca-Cola’s corporate staff around the world. The job cuts represent nearly 22% of the company’s total corporate staff and about one percent of the company’s total global workforce.
The beverage company known for soft drink brands such as “Coke,” “Sprite,” and “Fanta” currently employs about 100,300 employees worldwide.
“Coca-Cola laying off 421 as part of earlier plan to cut 1,200 jobs,” The Atlanta Journal-Constitution, June 21, 2017.
“Coke to cut 1,200 jobs as Americans abandon soda,” Business Insider, April 26, 2017.