Soft drink giant lays off 58 staff and puts blame on rising costs

Coca-Cola sacked 58 staff yesterday, citing competition and rising costs as the reason for the lay-offs.

Those who lost their jobs ranged from general operations workers to managers. They comprised about five per cent of the soft drink giant's Hong Kong workforce.

They were offered full redundancy packages in accordance with the Labour Ordinance.

Meanwhile, about 350 staff at fashion retail chain Swank had their pay slashed by up to 15 per cent yesterday. Earlier, the company laid off 80 workers.

No one from Swank could be contacted for comment last night.

Hugh Inman, director and general manager of Swire Coca-Cola HK Ltd, said the 'restructuring' was necessary.

'We have to make some tough decisions to ensure our continued competitiveness in the market,' he said.