PepsiCo to Cut Hundreds of Corporate Jobs — Retail Bum

PepsiCo is eliminating hundreds of corporate jobs across North America, with the company’s beverage unit taking the biggest hit.

According to the Wall Street Journal, the layoffs are expected to hit the beverages division harder cause the snacks division has already been leaned out through a voluntary retirement program. The layoffs will primarily affect employees in Chicago, IL, Plano, TX, and Purchase, NY.

PepsiCo’s portfolio includes Gatorade drinks, Frito-Lay snacks as well as Quaker Oats foods.

To date, PepsiCo employs 309,000 people worldwide, with more than 40% of those jobs located in the U.S.

Back in October 2022, PepsiCo revved up its forecast for the year, with higher prices boosting its sales. However, some of its business divisions, including Frito-Lay North America, have witnessed decreased consumption volumes as consumers are cutting back on spending.

PepsiCo’s move follows other players in the food and beverage sector, including Beyond Meat, Impossible Foods, and Coca-Cola, who have all looked to streamline their workforces.

In November 2022, Coke revealed that it would restructure its business in North America by offering up a voluntary separation program with a buyout opportunity.

Originally published at https://retailbum.com on December 7, 2022.