Coca-Cola has been struggling to maintain its business amid a growing trend of digital advertising and a surge in online advertising.
On Thursday, the company will close its digital advertising program and replace its current employees with “smart employees,” the company said in a statement.
The company’s decision follows a report in The Wall Street Journal that indicated the number of employees in the company’s global network of 200 facilities was about 1,000.
Last week, Bloomberg reported that the company was closing its digital advertising program at 60% of its total U.S. sales.
“As part of its ongoing efforts to strengthen its business, we are closing all of our existing advertising and marketing programs,” Coca-Co said in its statement.
“This change is designed to further strengthen our core brands and create new opportunities for our brand partners.”
The announcement comes on the heels of a recent report in the Wall Street Post that Coca- Cola had cut 3,000 jobs and that it was cutting more than 5,000 employees in India, the world’s second-largest market for the company.
According to the report, the company’s India was expected to increase its revenue by up to 20% from last year, according to data from Gartner.
Coca-Cola’s share price has dropped nearly 6% since the report came out, saying it was “looking at ways to improve profitability and improve its balance sheet.” According to the report in Bloomberg, it’s unclear what impact the closure of the digital program will have on its global business, which was valued at $3.2 billion at its peak in 2011.
In an emailed statement, Coke said it is “committed to investing in and creating great things, and our commitment to improving our global business is clear.
We have always focused on bringing new ideas to our people and the global team to ensure that the right people are making the right decisions to do the right thing for our brands and our customers.”
Casa Verde, the Coca-Pecos-based largest bottling plant in the United States, is also shutting down its online advertising program.
MolsonCoors is also closing its digital program. Coffee, Kraft Foods, and Walmart are also cutting jobs.
CEO Mike Duke is leaving his post, according to The Wall St Journal.
At least two other major U.N. agencies, the United Nations Development Programme and the International Monetary Fund, are also closing their digital ad programs.
A head of the event, Duke said “We are in this moment because we are at a point in history where digital advertising has taken off.
As a result of this rapid growth, we must be mindful of the needs of our employees, suppliers, and brands.”
The move comes after the International Union of Food and Agricultural Workers said more than 1 million people were being paid below minimum wage.
Since 2008, the global wages for food and beverage workers have risen by over 50%.
According the International Labour Organization, workers in India have earned $4.9 billion less than in 2008.
Earlier this month, President Donald Trump called on the U.K. to stop paying its workers below the minimum wage.
The Prime Minister’s Office has not responded to a request for comment.