How to Get Out of a Job in a Recession
Barber’s dairy product manufacturer, which produces milk, cream and yogurt, says it has lost its job because of the recession.
The company, which has more than 20,000 employees, announced Thursday that it is cutting 10 percent of its workforce in two months, and it will shutter production and move its headquarters to a facility in Ohio.
Barber’s stock is up almost 2 percent in after-hours trading.
It reported a loss of $1.7 million last year.
The news comes as other companies in the food-processing industry are looking for ways to keep up.
The Food Service Association, which represents restaurant operators and their employees, said last week that it expects the number of people with jobs will decline in the next three years, as workers lose their jobs.
In addition, the American Beverage Association said last month that it will be raising prices in the coming months, while McDonald’s said last Thursday it plans to cut its workforce by about 30 percent.
Barber has been losing customers, particularly in urban areas.
In January, the company said it lost 1,300 jobs, mostly in the Midwest, while the restaurant industry lost 1.1 million.
In February, the CEO said that the company is “at the point where it’s no longer viable” to continue as a business.
Barber also has lost ground in recent years to the burger chain McDonald’s and other companies.
The National Federation of Independent Business said in January that it expected the food service industry to lose 615,000 jobs by 2021, about 1 in 10 jobs in the U.S.