(Reuters) - Molson Coors Beverage (N:TAP) said on Friday it had suspended quarterly dividends for fiscal 2020 and furloughed some employees in Europe and North America, as the Miller Lite beer maker looks to save cash amid the coronavirus crisis.
Liquor companies are among the worst-hit from the fallout of the pandemic, as pubs and restaurants remain closed or are operating in limited capacity across the globe to curb the spread of the virus.
Molson Coors will also cut capital expenditure by about $200 million, reduce marketing expenses and limit the number of new hires, while also evaluating various European government liquidity programs.
The U.S.-listed shares of the Coors Light beer maker slipped after the bell, having shed about one-third of their value so far this year.
Molson Coors Canada (TO:TPXb) also suspended its regular quarterly dividends for fiscal 2020.