At a remarkable moment in Colorado beer history, Molson Coors announced Wednesday that it would relocate its North American headquarters from Denver to Chicago and cut up to 500 jobs in its international offices.
The beer giant is currently recruiting 2,300 people in Colorado, The Denver Business Journal reported on Wednesday.
This move will save Molson Coors about $ 150 million, leaving the brand with only two divisions in North America and Europe. Previously, Molson Coors has managed four divisions in the US, Canada, Europe and internationally.
From January the company will change its name from Molson Coors Brewing Co. at Molson Coors Beverage Company. This signals a switch to other non-beer products.
"Our business is at a tipping point. We can continue down the path we've been going on for several years, or we can make the significant and difficult changes we need to get back on track, "Chief Executive and President Gavin Hattersley said in a press release.
The announcement follows the news that the company's net sales revenue declined 3.2% in the third quarter.
In 2005, Colorado-based Coors merged with Molson to create the world's fifth-largest brewing company. And in 201
Coors was created in Golden in 1873 by German immigrants Adolf Coors and Jacob Schueller. It was originally called Golden Brewery.
Molson Coors stock price fell 1.2% at 9:15 am Mountain Time, trading at $ 53.49 per share.