Oct. 30 (UPI) -- Molson Coors announced Wednesday that it will lay off workers and change its name amid third-quarter losses.
The company, which makes beers including Coors Light and Blue Moon, said it expects to lay off up to 500 employees in its United States, Canada and International reporting segments as well as corporate as it restructures after net sales revenue decreased by 3.2 percent in the third quarter.
As part of this restructuring, the company said it plans to consolidate the United States, Canada and corporate center in addition to closing its Denver office, designating its Chicago office as the North American operational headquarters and moving functional support rolls in offices around the country to Milwaukee.
The company will also consolidate the Global, MillerCoors, Canadian and MCI leadership teams into one team in order to "streamline decision making."
In order to "better reflect its strategic intent to expand beyond beer and into other growth adjacencies," the company will legally change its name from Molson Coors Brewing Company to Molson Coors Beverage Company.
"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," Molson Coors CEO Gavin Hattersley said. "Our revitalization plan is designed to streamline the company, move faster and free up resources to invest in our brands and our capabilities."