Budweiser Brewing Co APAC Ltd is planning to cut thousands of jobs this year as it looks to shrink costs, Bloomberg News reported on Thursday, citing people familiar with the matter, as the beer maker struggles with weak consumer demand in China.

BUD APAC (01876.HK) plans to slash thousands of jobs this year, according to hearsay. However, a spokesperson for its parent company, Anheuser-Busch InBev, told Reuters that such reports are inaccurate,

Budweiser Brewing Co APAC Ltd. is planning to cut thousands of jobs this year as it looks to shrink costs, people familiar with the matter said, with the beer maker struggling with weak consumer demand in China.

Budweiser Brewing Co APAC Ltd is planning to cut thousands of jobs in a move to shrink costs due to weakening consumer demand in China. China will also bear the brunt of the job cuts with it accounting for over 80% of the group’s workforce,