General Mills (NYSE:GIS) is laying off up to 725 workers in an effort to cut costs.
The company announced that it will eliminate 675 to 725 jobs to counteract its weak sales. The move is part of a larger restructuring effort by General Mills.
The cereal and yogurt maker will spend $57 million to $62 million before taxes as part of employee termination packages and benefits.
General Mills’ restructuring is expected to be complete by fiscal 2017, saving the company $45 to $50 million a year.
GIS stock is down 0.11% Thursday.
