Reported about 12 hours ago
In response to declining sales, Brown-Forman, owner of Jack Daniel's, is implementing severe cost-cutting measures, including a 12% reduction in workforce, the closure of its historic cooperage in Kentucky, and a restructuring plan aimed at achieving $80 million in annual savings. The company has faced a drop in sales post-pandemic, with whiskey volumes down 6%, prompting these significant changes to regain financial stability.
Source: YAHOO