The parent company of MillerCoors, Molson Coors Brewing Co., is moving all functional support roles to Milwaukee after sales decreased 3.2%, according to our partners at Milwaukee Business Journal .
The move will cut up to 500 employees. An exact number of employees being moved to Milwaukee isn't known, according to a MillerCoors spokesman.
Molson Coor's third quarter earnings were $2.84 billion. Last year during the same time frame, net sales totaled $2.93 billion.
Molson Coors Brewing Co. will close its offices in Denver and is moving its North American headquarters from Montreal to Chicago.
As part of the revitalization plan, the company will invest in iconic brands and expand into an "above premium" beer space.
Once these changes are implemented, the company predicts to see flat to low digit declines in revenue.
The parent company will be changing its name to Molson Coors Beverage Co. starting in January.
