Facing slow sales, General Mills makes another massive jobs cut

Amid continuing struggles with slow sales, General Mills said it will eliminate 400 to 600 jobs or up to one and a half percent of the company's global workforce.

Cuts will come in the U.S. and overseas. The food maker said there will be cuts in Minnesota but it does not have a "specific number" for how many employees will be affected. General Mills has some 5,000 workers in the state.

Bloomberg Intelligence food industry analyst Ken Shea said the job cuts reflect the struggles of General Mills — and its peers — to deal with sluggish revenue growth and rapidly changing consumer preferences.

"They all face the same headwinds. And that's a consumer that is very resistant to price increases, given all the options and places where they can buy food," Shea said. "There seems to be more of demand for a natural and organic foods. And that seems to go against the grain of packaged food companies."

General Mills said it's implementing a new organizational structure aimed at fostering growth and efficiency. The firm says it also plans to improve its revenue growth and e-commerce and marketing efforts.

The food maker has been trying to save hundreds of millions of dollars annually by shedding employees and various operations.

Between 2014 and 2016, General Mills cut about ten percent of its workforce — some 4,000 employees.

The company has announced or proposed plant closings in Missouri, Illinois, New Jersey, the United Kingdom, Australia, Brazil, China and other locations.