Treasury Wine Estates has axed 170 positions in recent days as part of a major restructure of the company.
A TWE spokesperson said, “As part of our transformation to create a simpler and more focused organisation, approximately 170 roles have been made redundant, predominantly across our corporate functions.
“We recognise the impact of these changes on our people and thank those leaving us for their contribution.
“At the same time, we’re continuing to invest for growth, including recruiting for new roles primarily across our commercial teams in Australia and New Zealand, as well as China and emerging markets, focused on our portfolio of priority brands including Penfolds, DAOU and Matua.”
The Australian is reporting that the redundancies were mostly at the company’s offices in areas like marketing, IT, finance and support roles.
Treasury Wine Estates announced a statutory loss of $1.08 billion in August.
CEO Sam Fischer has vowed to cut costs by $100 million per annum.
In June the company announced that it would cut more than 40 wine brands from its portfolio.
The company will focus on the ‘Power Brands’ Penfolds, DAOU and Matua – complemented by ‘Regional Heroes’ including Frank Family Vineyards, Beaulieu Vineyard, Stags’ Leap, Wynns, Squealing Pig, Pepperjack and Coldstream Hills.
TWE expects these 10 brands to contribute about 90 percent of group net sales revenue within five years.
“The future belongs to wine businesses that are more focused, agile and closely aligned to where consumers and customers are heading,” Fischer said at the time.
In recent weeks TWE has sold Seppelt Great Western and the Seppelt brand, and the Tollana Wines brand.
According to its website, TWE employs 2,500 people.
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