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rap media limited (531583) announces strategic shift ✌️【Flexible Hours】✌️ Free real-time market data to help you quickly recover and avoid losses. Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its5,400 employees amid adownturn in spirits sales.

rap media limited (531583) announces strategic shift ✌️【Flexible Hours】✌️ Real-time global stock, futures, and exchange rate data to keep you informed of market trends and seize investment opportunities. The Louisville-based company has hiked prices in recent years to offset inflation and shield itself from the rising costs of materials, like wood for barrels. Inflation-weary drinkers have simultaneously dialed back their spending on pricey liquors, putting premium spirits makers like Brown-Forman infinancial peril.

Brown-Forman said the job cuts, which amount to nearly 700 people, will “enhance operational efficiency and agility.” It’s laying off 200 people by closing a Louisville cooperage, where wooden barrels are produced to age whiskey and bourbon.

Closing the cooperage and the layoffs will save between $70 and $80 million in annualized cost savings, according to Brown-Forman. A portion of that is “expected to be reinvested to accelerate growth,” the company said in a statement. Barrels will be sourced from an external supplier at a “competitive price,” the company added.

“I want to express my sincere gratitude to our employees, particularly those impacted by these changes, for their dedication and contributions to Brown‑Forman,” said CEO Lawson Whiting.

rap media limited (531583) announces strategic shift ✌️【Flexible Hours】✌️ Free stock selection service to help you quickly pick high-return stocks for stable growth. Related articleAmericans have already been ditching spirits and beer. Alcohol companies are future proofing themselves

rap media limited (531583) announces strategic shift ✌️【Flexible Hours】✌️ Expert predictions with real-time global stock and futures data to help you easily capture market movements. The announcement comes a few weeks after the US Surgeon Generalissued a warningthat alcohol consumption can increase the risk of cancer and called for an updated health warning label on alcoholic beverages.

Following a pandemic peak in 2020 through 2022, spirit companies have been contending with slowing sales. Brown-Formanfirst sounded the alarmin 2023 when it reported whiskey sales were falling — a stark contrast compared to a year prior when they were soaring by double-digit percentage points.

Brown-Forman’s (BF.B) shares have lost more than 30% of their value over the past year. The company has a diverse portfolio of liquor, owning Herradura tequila, The Glendronach scotchwhisky, Diplomático Rum and Fords Gin among others. It also produces acanned cocktail with Coca-Cola.

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