Coca-Cola To Cut Thousands Of Jobs Due To Pandemic

Coca-Cola is offering voluntary layoff deals to about 4000 employees in the US, Canada, and Puerto Rico, who were hired on or before September 1st, 2017. This severance program is expected to cost up to $550 million. The company is facing a decline in sales due to the closure of restaurants, theaters, and sports venues during the pandemic.

What is the expected cost of the severance program for Coca-Cola?

What factors have contributed to Coca-Cola's drop in sales?