Brown-Forman, a major American spirits company, announces layoffs and the closure of its Louisville cooperage, signaling a challenging period for the whiskey industry.
Brown-Forman , one of the largest spirits companies in the United States, announced significant restructuring measures, including a 12 percent reduction in its global workforce and the sale of its Louisville cooperage. This news comes amid a broader downturn in the whiskey industry, with declining sales and consumption trends affecting the sector. Lawson Whiting, Brown-Forman 's CEO, stated that the workforce reduction is intended to ensure the company's future success and facilitate growth.
While the company aims to present a positive outlook, the job losses, impacting approximately 650 employees globally, are undeniably concerning. The closure of the Louisville cooperage, set to happen in April, will result in the loss of around 210 jobs, with the company offering severance packages and outplacement services to affected employees. The company has also recently sold its Alabama cooperage, indicating a shift towards sourcing barrels from external producers. This move is expected to save Brown-Forman $70 to $80 million annually. While these cost-cutting measures may seem necessary, the closure of the Louisville cooperage and the subsequent job losses highlight the challenges facing the American whiskey market. This situation echoes recent trends in the industry, such as the scaling back of whiskey production by other major distillers. The decline in whiskey sales, particularly among younger generations, raises questions about the future trajectory of the American whiskey market. The industry may be undergoing a period of adjustment, potentially returning to pre-pandemic levels. However, the long-term impact of these changes remains to be seen
BROWN-FORMAN WORKFORCE REDUCTION COOPERAGE WHISKEY INDUSTRY SALES DECLINE AMERICAN WHISKEY
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