News In Brief
Major restructuring at Coca-Cola Co. will result in job cuts affecting about 6,000 of the company's 29,000 employees worldwide. Coke announced the largest employee downsizing in its history in reporting a fourth-quarter loss of $45 million. The layoffs, among them 2,500 at the company's Atlanta headquarters, are expected to trim annual expenses by about $300 million. The move was seen as part of efforts by incoming chairman Douglas Daft, to improve profitability amid sluggish sales. Coke is the world's largest soft-drink maker.
The retailer formerly known as Woolworth, Venator Group Inc., announced it will it will close 358 Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs, and Northern Group stores. The New York-based company also said it will lay off 30 percent of its sales and corporate staff - or 3,700 jobs - to boost sagging profits. Venator, which already has closed thousands of outlets, including all its Woolworth and Kinney Shoe stores, posted a profit of $7 million for the third quarter last year, compared with a loss of $155 million a year earlier.
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