- Coca-Cola is planning on restructuring the company by cutting 2 200 jobs worldwide
- The company spokesperson said that they had decided to do this before the Covid-19 pandemic hit
- Coke has seen a drop in sales over the last few months and a large dip in company revenue
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The Covid-19 pandemic affected a lot of companies badly, people lost their jobs and businesses had to find other ways to stay afloat. This was also the case for the US company, Coca-Cola. The company was hit badly in terms of sales and had to find a new way to survive post-pandemic.
Coca-Cola has decided to downsize so that the company can regroup from the effects of the pandemic. According to a company spokesperson, the restructuring will see 2.6% of the company's global workforce losing their jobs. 1 200 of those will be lost in the US.
The spokesperson stated that the company had planned to implement this restructuring process even before the Coronavirus pandemic hit.
"The pandemic was not a cause for these changes, but it has been a catalyst for the company to move faster," he said.
Coca-Cola reported a 33% drop in its third-quarter profits. There was also a drop in the company's revenues. Coca-Cola is not the only US company that has announced it will be making changes by downsizing jobs.
Other companies such as American Airlines, United Airlines, Allstate and ExxonMobil will be doing the same.
Briefly.co.za compiled a few reactions from social media users regarding Coca-Cola's restructuring:
@omanitsomar commented: "That’s like 2000 families, right before the holidays."
@RonTriangle said: "Will not buy any products made by Coca-Cola because of their greed."
@Scofflaw17 commented: "There will be a whole lot of this in January."
In other business news, Briefly.co.za reported that Netflix added Zimbabwe billionaire, Strive Masiyiwa to the board. Zimbabwean telecommunications billionaire Strive Masiyiwa has been added to the Netflix, Inc board.
Quartz Africa reported that the mogul would be joining the popular streaming site's board. Masiyiwa is the founder of Econet Group which has operations and investments in 29 countries in Africa and beyond.
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