Woodford Reserve’s parent company is cutting nearly 700 jobs as spirit sales sink
CNN
Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its 5,400 global workforce amid a downturn in sales for spirits.
Brown-Forman, the parent company of Jack Daniel’s whiskey and Woodford Reserve bourbon, is laying off approximately 12% of its 5,400 employees amid a downturn in spirits sales. The Louisville-based company has hiked prices in recent years to offset inflation and shield itself from the rising costs of materials, like wood for barrels. Inflation-weary drinkers have simultaneously dialed back their spending on pricey liquors, putting premium spirits makers like Brown-Forman in financial peril. Brown-Forman said the job cuts, which amount to nearly 700 people, will “enhance operational efficiency and agility.” It’s laying off 200 people by closing a Louisville cooperage, where wooden barrels are produced to age whiskey and bourbon. Closing the cooperage and the layoffs will save between $70 and $80 million in annualized cost savings, according to Brown-Forman. A portion of that is “expected to be reinvested to accelerate growth,” the company said in a statement. Barrels will be sourced from an external supplier at a “competitive price,” the company added. “I want to express my sincere gratitude to our employees, particularly those impacted by these changes, for their dedication and contributions to Brown‑Forman,” said CEO Lawson Whiting. The announcement comes a few weeks after the US Surgeon General issued a warning that alcohol consumption can increase the risk of cancer and called for an updated health warning label on alcoholic beverages.
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