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In a statement related to the layoffs, Hershey said it remains focused on transforming its business
A spokesperson for Hershey said on Thursday the chocolate maker laid off a small number of its employees this week as part of organizational changes the company announced earlier this year when cocoa prices reached record highs.
This week’s layoffs, which have not been previously reported, affected less than 1% of the roughly 20,000 employees at the maker of Hershey’s candy bars and Reese’s peanut butter cups, a company spokesperson said told Reuters.
In a statement related to the layoffs, Hershey said it remains focused on transforming its business.
“As part of that transformation, we are making meaningful changes to evolve our capabilities, systems and ways of working to become a leading snacking powerhouse,” the Kisses manufacturer said. Hershey also sells Dot’s pretzels and Pirate’s Booty popcorn.
The Hershey, Pennsylvania-based company announced in February that it would be cutting jobs and incurring costs related to a productivity initiative aimed at generating $300 million in savings by 2026. The initiative also aims to improve supply chain and manufacturing-related spending.
The chocolatier has hiked prices on its candies to offset rising costs over the last several years. Consumers continued to buy its popular treats despite the increases, but sentiment has changed in recent months. In August, Hershey cut its annual profit and sales forecast, and reported a 17% drop in sales.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 20 2024 | 9:51 AM IST
