Molson Coors Suspends Quarterly Dividend, Furloughs Employees

By Dave Simpson
Molson Coors Suspends Quarterly Dividend, Furloughs Employees

The Molson Coors Beverage Company has said that it has suspended quarterly dividends for fiscal 2020 and furloughed some employees in Europe and North America as it looks to save cash amid the coronavirus crisis.

Liquor companies are among the worst-hit from the fallout of the pandemic, as pubs and restaurants remain closed or are operating in limited capacity across the globe to curb the spread of the virus.

Molson Coors will also cut capital expenditure by approximately $200 million, reduce marketing expenses and limit the number of new hires, while also evaluating various European government liquidity programs.

Molson Coors Canada

Molson Coors Canada also suspended its regular quarterly dividends for fiscal 2020.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.