Dutch beer brewer Heineken NV (HEIA.AS) said it will trim its workforce by about 8,000 jobs as a result of the coronavirus pandemic.

The company made the announcement on Wednesday as it released its full-year earnings report for 2020, saying that the cuts would save €2 billion ($2.4 billion) through 2023.

The organizational redesign is part of Heineken’s “EverGreen” plan led by Dolf van den Brink, the CEO and Chairman of the Executive Board at Heineken.

The news of the job cuts come as Heineken saw a significant decrease in beer sales amid the pandemic spurred by bar and restaurant closures and restrictions on social gatherings globally.

The company also expects 2021 revenues to dip below 2019 levels as ongoing restrictions continue, with gradual improvements anticipated later in the year and into 2022.

“In a year of unprecedented disruption and transition, our teams rose to the occasion and quickly adapted while not losing sight of the need to continue investing for the future,” van den Brink said in a statement.

“The impact of the pandemic on our business was amplified by our on-trade and geographic exposure. We took diligent cost mitigation actions balanced with continued investment behind our growth platforms. We gained share in most of our key operations, a testimony to our ability to adapt and stay close to our customers and consumers in these turbulent times.”

Heineken reported a net loss of €204 million euros ($247 million) for the year. Revenues dropped nearly 17% to €23.8 billion ($28.8 billion).

Heineken, which is the world’s second-largest beer maker, also plans to reduce its product lineup and spending to achieve further reductions, the company said.

According to Reuters, the layoffs will affect about 9% of Heineken’s 2019 workforce levels, with jobs being reviewed at its head office, regional offices, and local operations. Approximately €350 million ($425 million) in personnel expenses will be saved.

Shares of Heineken were trading at $86.24 as of 8:52 a.m. EST on Wednesday, down $2.80 or 3.14%.

Heineken Bottles of Heineken beer are displayed before a news conference in London January 25, 2008. Photo: REUTERS