One of the most popular beverage companies in the world has decided to cut thousands of jobs and reduce its number of business units as a result of declining sales, CNN reports. 

Coca-Cola announced Friday that some of its staff will face voluntary and involuntary reductions.

The 128-year-old company plans to first offer buyouts to 4,000 employees in the US, Canada and Puerto Rico and then offer a similar voluntary program in other countries. The number of people who take the buyout is expected to reduce the number of involuntary layoffs.

Coke did not specify how many jobs could be lost in total, but said global severance expenses could range from $350 million to $550 million.

As of Dec. 31, 2019, Coke had 86,200 employees, and approximately 10,100 of those workers were located in the United States.