Jack Daniel's maker to slash 12% of its workforce as consumers' alcohol consumption dries up
1. Brown-Forman is cutting 648 jobs due to declining alcohol consumption. 2. Whisky sales dropped by 1.2% in 2023, marking a historic decline. 3. Company shifts to external barrel suppliers, saving $70-$80 million annually. 4. US Surgeon General's warnings are impacting alcohol stocks negatively. 5. Brown-Forman shares rose slightly after the layoffs announcement.