AB InBev Is Still Feeling the Fallout of Bud Light Boycotts
It's been almost exactly four months since Anheuser-Busch InBev (NYSE: BUD) first raised the ire of conservative beer drinkers by partnering with transgender social media influencer Dylan Mulvaney. But the brewing giant is still feeling the fallout of boycotts for its previously beloved Bud Light brand.
On Wednesday, AB InBev announced a restructuring of its corporate offices that will result in layoffs of 350 employees. Shares were down modestly on the news.
To be fair, these layoffs represent "only" 2% of AB InBev's U.S. workforce of approximately 18,000 people, and they won't affect front-line workers such as brewery and warehouse staff. But it's also worth noting these weren't the first jobs lost in the wake of the controversy; earlier this month, glass bottling company Ardagh Group was forced to close two factories in North Carolina and Louisiana, laying off 600 workers due to declining sales of AB InBev products.
Source Fool.com
