Coca-Cola Offers 4,000 North America Buyouts; Job Cuts to Follow

Coca-Cola Co. is offering early-departure packages to almost 40% of its North American workforce -- a sign the beverage giant is being hit hard by the ongoing shutdown of soft-drink friendly venues like movie theaters, bars and stadiums.

Plans to reorganize the business and cut costs have been in the works for some time as consumer preferences shift away from sugary carbonated drinks, analysts said. But unlike its major competitor, PepsiCo Inc., which has been boosted by its snack and breakfast food products during the pandemic, Coca-Cola is being weighed down by its dependence on sales in public spaces. ...