Anheuser-Busch may be in considerable financial trouble than the company is letting on.
The company appears to have been forced to sell off several beer brands.
AB will be selling off eight craft beer brands to Tilray Brands. The sale includes current employees, breweries, and associated brewpubs.
$TLRY Announces Agreement to Acquire Eight Beer & Beverage Brands from Anheuser-Busch, Fueling Tilray’s Future in The U.S. Craft Beer Industry.
Details https://t.co/COLGkq3mM4 pic.twitter.com/XB677bJj0F
— Tilray Brands (@tilray) August 7, 2023
Ever since the controversy with Dylan Mulvaney, the company has plummeted, and now it’s being forced to sell off some of its brands to a competitor.
The sell-off comes on the heels of hundreds being laid off.
“While we never take these decisions lightly, we want to ensure that our organization continues to be set for future long-term success,” Anheuser-Busch CEO Brendan Whitworth said in a statement. “These corporate structure changes will enable our teams to focus on what we do best — brewing great beer for everyone and earning our place in the moments that matter.”
From CNBC:
A company spokesperson said the job cuts affect less than 2% of U.S. employees. Anheuser-Busch has about 18,000 employees nationwide. The layoffs will include about 350 of those people.
The company said it will cut positions across every corporate function. Anheuser-Busch added the changes will “simplify and reduce layers within its organization.”
The layoffs will not affect employees such as brewery and warehouse staff, drivers and field salespeople, among others, the company added.
It’s been nothing but a slide for the company, who’s lost its top spot and around 28% of its sales.
There are reports that AB is offering some financial support to remaining loyal distributors. However, this doesn’t seem to be going Bud Light’s way.
In just under a few months, the company went from the top and is now plummeting to the bottom.
