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Jack Daniel's Owner Cuts 12% Workforce Amid Whiskey Decline

1/15/2025

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Summary

Story summary

Brown-Forman, owner of Jack Daniel’s, is reducing its workforce by 12%, affecting 5,400 employees.
The closure of the Louisville cooperage will impact 210 jobs and save the company $70-$80 million annually.
U.S. whiskey sales declined by 1.2% in 2023, the first drop in two decades.
Analysts foresee a potential whiskey surplus due to high inventory and shifting consumer preferences.

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Story summary

Brown-Forman, owner of Jack Daniel’s, is reducing its workforce by 12%, affecting 5,400 employees.
The closure of the Louisville cooperage will impact 210 jobs and save the company $70-$80 million annually.
U.S. whiskey sales declined by 1.2% in 2023, the first drop in two decades.
Analysts foresee a potential whiskey surplus due to high inventory and shifting consumer preferences.