The iconic Coors brewing company is leaving Denver, laying off 500 employees and moving to Chicago
DENVER, CO — Molson Coors Brewing Co. is closing its Denver office in the face of declining beer sales, the company announced Wednesday. Molson Coors’ Chicago office will become its new North American headquarters.
The company said it is laying off 500 workers worldwide after a third-quarter loss of $402 million. The Molson Coors brewery in Golden, Colorado, will remain in operation.
“Our business is at an inflection point. We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track,” the company’s CEO and president Gavin Hattersley said in a media release. “Our revitalization plan is designed to streamline the company, move faster, and free up resources to invest in our brands and our capabilities. Through it, we will create a brighter future for Molson Coors.”
The company said it’s investing several hundred million dollars into modernizing its brewery in Golden.
“For nearly 150 years we have brewed great beers in Colorado, and we will continue to brew great beers in Colorado for hundreds of years to come,” Hattersley said in the media release. “This investment will modernize the brewery to allow for more flexibility, enable us to move with pace and deliver new products to meet changing consumer preferences.”
Molson Coors plans to save $150 million by moving its North American headquarters to Chicago. The company has not disclosed where its 500 layoffs will occur.
The company plans to change its name to Molson Coors Beverage Co. in January to reflect that it makes more than beer.
The company’s Golden brewery, which makes up to 10 million barrels of beer each year, is its largest brewery in the United States.