2 More Companies Announce Layoffs

MGM Resorts and Coca-Cola join the list
By Newser Editors and Wire Services
Posted Aug 28, 2020 1:19 PM CDT
2 Big Companies Announce Layoffs
Video slot machines are seen at the MGM Grand Detroit casino in Detroit.   (AP Photo/Carlos Osorio)

Two more big companies announced layoffs on Friday:

  • MGM Resorts will lay off 18,000 people as the casino industry struggles to recover. That represents about a quarter of the company's American workforce of 68,000 before the pandemic took hold, reports the Wall Street Journal.
  • Coca-Cola said it was offering buyouts to 4,000 employees ahead of pending layoffs, per the AP. Half of Coca-Cola’s sales come from stadiums, movie theaters, and other places where people gather in large numbers—venues that have been closed during the coronavirus pandemic. Revenue tumbled 28% in the Atlanta company’s most recent quarter.
  • Earlier this week: United and American airlines, beset by plunging air travel, cut thousands of jobs this week. Tech company Salesforce is cutting 1,000 jobs and Bed Bath & Beyond cut 2,800 positions.
  • Big picture: All of the above represents only a fraction of the damage across the US economy. The Labor Department reported Thursday that another 1 million Americans applied for unemployment benefits. More than 14.5 million are collecting traditional jobless benefits—up from 1.7 million a year ago.
(Read more layoffs stories.)

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