Kraft Heinz (KHC - Get Report) said in a filing with the Securities and Exchange Commission that as of March 31, it planned to eliminate about 400 jobs, requiring it to book first-quarter expenses of $27 million.
The company's shares were 1.3% lower on Tuesday at $25.96. They are just above their 52-week low of $25.74.
In a Form 10-Q dated Aug. 13, the Chicago foods giant said it had already eliminated 100 of the positions. The filing didn't specify the positions that were cut and their locations. Kraft Heinz employed 38,000 people at the end of 2018.
Kraft Heinz's second-quarter earnings report disclosed $1 billion in impairments stemming from an investigation into its accounting practices. That inquiry led the company to restate its financial results for 2016 and 2017.
In February, the company wrote down the value of its brands by $15.4 billion.
For the first half, Kraft Heinz earned 70 cents a share, less than half the $1.43 of the year-earlier quarter. Adjusted earnings were down 24% to $1.44 a share from $1.89. First-half sales fell 4.8% to $12.37 billion.