On Wednesday (Oct. 30), Molson Coors announced they will move their North American headquarters in Denver to Chicago. Along with the announcement, they stated they were cutting 500 jobs.

According to the Denver Post, moving the North American headquarters would save the company $150-million. This will also leave Molson Coors with two divisions, North America and Europe. At one time, the company had four divisions, North America, Canada, Europe and internationally.

Molson Coors will also change their name in January, from Molson Coors Brewing Company to Molson Coors Beverage Company.

When Coors and Molson merged in 2005, they became the fifth-largest brewing company in the world.

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