When the CEO of the company you work for announces a “sweeping corporate restructuring and revitalization plan” it’s usually time to start job searching.
Which, is now the case for some 500 employees at Molson Coors.
This morning, Gavin Hattersley, the current CEO at Coors divulged to the world that the Colorado-born and internationally famous brewery will be closing all of its Colorado offices, relocating their headquarters from Denver to Chicago and changing their name. Approximately 500 salaried positions are now on the chopping block.
“Our business is at an inflection point,” Hattersley said, in a statement about the move. “We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track.”
The announcement comes right after the company reported a third-quarter loss of $402.8 million. Stock for the company has also dropped by 3-percent over the last year, as craft breweries brewing innovative beer have put the squeeze on Molson Coors.
Yes, the company has made big strides to keep up with changing consumer preferences, and heightened industry competition. But apparently, it hasn’t been enough.
So, they’re changing things up. Hattersley named a new leadership team, announced the layoffs of hundreds of people, declared the move of the headquarters, the consolidation of multiple international Coors brands and introduced the new name that they will adopt as of January 1st: Molson Coors Beverage Co.
The revitalization plan also laid out how Molson Coors will reinvest the resources that they’re going to save: They’re going to pursue more big marketing campaigns like Coors Light’s “Made to Chill” and Miller’s “It’s Miller Time” campaigns. They plan on investing heavily in their “above-premium” brands like Saint Archer Gold, Blue Moon Light Sky, Cape Line and Arnold Palmer Spiked. They’re also going to pursue “beyond beer opportunities” like hard coffee, canned wine, cider, and even non-alcoholic cannabis-infused beverages (in Canada).
Essentially, Coors is packing up and pushing off from Colorado to start a new life, elsewhere. It’s changing its look, getting a new wardrobe and trying out new things with new people. The next time you see or hear from Molson Coors you might not even recognize it as the same brand that brought you those old “Made with fresh Rocky Mountain water” ads.
“In my mind, there is no choice. We must change,” Hattersley said.
So, change they will.
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