A Bud Light rival now cuts its ‘woke’ policies to avoid a boycott, a controversial trend in corporate America to save declining sales.
Molson Coors (TAP.A), a leading U.S. beer company, has decided to eliminate its diversity, equity, and inclusion (DEI) policies in response to pressure from conservative consumers.
An internal email, disclosed by conservative activist Robby Starbuck on X, revealed that the company will discontinue DEI training programs, stating that participation has been satisfactory.
Moving forward, Molson Coors will audit all future training to ensure alignment with “key business objectives.”
The company is also rebranding its “employee resource groups” to “business resource groups” to emphasize their focus on business goals, consumer dynamics, and career development.
Additionally, Molson Coors announced that its future charitable contributions will be directed solely toward “hometown communities” and its core business objectives.
The company will no longer engage with the Human Rights Campaign’s Corporate Equality Index, which monitors LGBTQ+ corporate policies and practices.
By next year, executive compensation will be tied to business performance rather than “aspirational representation goals,” and the company is discontinuing its diversity supplier metrics, citing their complexity and external influences.
The DEI section on Molson Coors’ website is no longer available.
Starbuck claimed on X that these changes followed his warning to company executives about his plans to expose their DEI policies.
Molson Coors joins other companies, such as Lowe’s, which recently scaled back its DEI initiatives after facing consumer criticism and declining sales.
In an internal email, Lowe’s stated that it began reviewing its diversity programs after the Supreme Court’s decision in the Harvard/UNC cases to ensure compliance and inclusivity for all employees.
Molson Coors’ decision follows a boycott that Bud Light experienced in April of last year after featuring Dylan Mulvaney, a transgender social media influencer, in a campaign promoting a $15,000 giveaway.
This move sparked backlash among conservative consumers who opposed Mulvaney’s advocacy for transgender rights.
As a result of the boycott, Bud Light lost its position as the top-selling beer brand in the U.S., leading to a significant decline in Anheuser-Busch’s U.S. earnings, which fell by hundreds of millions of dollars.
For more news and updates like this, join the newsletter or opt-in for push notifications.
Also Read: This Massive Mall Retailer Is Now Closing In California
Other US Retail News Today
A massive discount chain now prepares for bankruptcy following years of declining sales and economic challenges.
Big Lots has been facing significant challenges in recent quarters, with CEO Bruce Thorn noting that a struggling economy has negatively impacted customer sentiment and profits.
In the first quarter, the company experienced a 10.2% decline in sales, totaling $1.01 billion, and reported a loss of $132.3 million.
“While we made considerable progress in improving our operations during Q1, we fell short of our sales targets mainly due to a continued decrease in consumer spending among our core customers, especially on higher-priced discretionary items,” Thorn explained.
The retail chain intends to continue operating under bankruptcy protection and is looking for a stalking-horse bidder for a potential sale or auction, reports The Street.
With approximately 1,400 stores, Big Lots announced in July plans to close a total of 315 underperforming locations.
On August 12, the company indicated a possible impending bankruptcy filing, as its board approved one-time cash retention bonuses totaling $5.24 million for four top executives, a common strategy before filing for bankruptcy.
The bonuses included $3.15 million for CEO Bruce K. Thorn, $969,938 for Chief Financial and Administrative Officer Jonathan A. Ramsden, and $561,068 each for Chief Legal and Governance Officer Ronald A. Robins Jr. and Chief Human Relations Officer Michael A. Schlonsky.
On September 6, Big Lots postponed its second-quarter earnings release, rescheduling it for September 12.
Over the past year, the company’s stock price has plummeted by nearly 94%.
For more bankruptcy news and updates like this, join the newsletter or opt-in for push notifications.
Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Be sure to share this article with your community.
Also, thank you to all of our site sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Our readers can now donate $3 per month to support independent journalism.
For daily news and updates on your favorite stories, opt-in for push notifications.
Follow Frank Nez on X (Twitter), Instagram, or Facebook.
Support Independent Journalism ✍🏻
Support independent journalism for just $3 per month!
Your contributions help power Franknez.com as the cost of widgets and online tools continue to rise.
Thank you for your support!
