Molson Coors moving headquarters to Chicago
Bottles of Coors beer are displayed on a shelf at a liquor store on May 2, 2018 in Fairfax, California. Molson Coors Brewing Co. reported first quarter earnings that fell short of analyst expectations of $2.44 billion with revenue of $2.33 billion. (Justin Sullivan/Getty Images / Getty Images)
CHICAGO - Molson Coors Brewing Co. is laying off 500 workers worldwide and restructuring its operations as it faces declining beer sales.
The company expects to save $150 million by closing offices in Denver and making Chicago its North American headquarters. Its brewery in Golden, Colorado, will remain.
Molson Coors says it needs to streamline and bring new products to market more quickly, like the canned wine and hard coffee it introduced this year.
It's also dropping "Brewing" from its name to emphasize that it makes more than beer. It will become Molson Coors Beverage Co. in January.
The company's beer brands include Miller, Molson, Coors, and Foster's. It also makes Henry's Hard Soda.
Molson Coors' sales fell 3% to $8.1 billion in the first nine months of the year.
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The company's shares slipped 2% to $53.59 in morning trading.