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Journalism of Courage
ATLANTA, JAN 27: In a massive round of layoffs pushed by an activist board of directors, Coca-Cola Co said it is slashing 20 per cent of its work force, or 6,000 employees.
The soft-drink giant said it would take $ 1.6 billion in one-time charges, far bigger than expected. More charges will follow this year, including a surprising write-down for reducing shipments of soft-drink concentrate to bottlers selected by Coke to reduce their inventories in the first six months.
The cuts were a bombshell inside Coke, long one of the triumphant powers of global marketing. Some of the 2,500 let go from headquarters here wept as they were asked to leave immediately and forbidden from retrieving items from their offices under heavy security. Coke also reported its first earnings loss in at least a decade.
