Jack Daniel’s maker to offer early retirement to 150 employees
By Thomas Barrabi (foxbusiness.com) / June 6 2018
The parent company of Jack Daniel’s whiskey has offered roughly 150 employees buyout packages to retire early in a bid to cut costs and clear space for internal promotions, according to a report Wednesday.
If all of the offers are accepted, more than 10% of Brown-Forman employees could exit the company, USA Today reported. It is unclear how much salary would be cleared in the process, though the employees who qualified are earning six-figure salaries.
In a memo to the qualifying employees, Brown-Forman said the early retirement offers were meant to cut operating costs while also rewarding longtime employees for their contributions to the company. The cuts would represent Brown-Forman’s biggest workforce reduction since the 2009 recession.
Brown-Forman said in its earnings report Wednesday that its net sales increased 6% to $733 million in its fourth fiscal quarter, though earnings per share declined due in part to the creation of a new charitable organization. Sales at its Jack Daniel’s division rose 6%, driven by the success of its Tennessee Whiskey division.
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“Our results demonstrated an excellent balance across both geography and portfolio, while being driven once again by the Jack Daniel’s trademark and our premium American whiskey portfolio,” Brown-Forman CEO Paul Varga said in a statement.
Brown-Forman shares fell nearly 6% in trading.
https://www.foxbusiness.com/markets/jack-daniels-maker-to-offer-early-retirement-to-150-employees
