Campbell’s laid off hundreds and plans to hike prices to combat lower sales
The snack, soup, and sauce business based in Camden recently cut 13% of its salaried workforce.
The Campbell’s Co. has cut 13% of its salaried workforce, roughly 515 employees, amid declining sales.
The Camden-headquartered soup, snack, and sauce business has suffered from inflation among other challenges, president and CEO Mick Beekhuizen said in an earnings call Thursday, highlighting multiple cost-cutting efforts. He did not provide information on where the workforce reductions took place, and a company spokesperson declined to offer more details on how many were impacted in Camden.
The company reported $9.7 billion in net sales for its most recent fiscal year, which ended Aug. 2, a decrease of 5% from 2025.
“Our results remain unacceptable,” Beekhuizen said. “But instead of waiting for the environment to improve around us, we are addressing reality head-on.”
Beekhuizen said inflation is expected to continue being an issue in the coming year amid an “external environment that we expect will remain volatile.”
The company is embarking on a $500 million cost-cutting initiative over four years to get back to “profitable growth,” Beekhuizen said. He said the company is making “difficult but necessary” decisions.
Some of that work is already underway. The company has recently cut costs in part by reducing its salaried workforce by 13% through voluntary early retirements and layoffs. The company had 13,700 full-time and part-time employees as of September 2025.
Campbell’s also recently closed two snack facilities and plans to increase prices on roughly 60% of its products.
The company’s snack division, which includes Goldfish, Pepperidge Farm, and Cape Cod, saw a 12% decrease in net sales last quarter. The meals and beverages segment, which includes Rao’s Homemade, Swanson, and Prego, saw a 4% decrease.
“Our performance is not where it needs to be, and we are taking decisive action to improve it,” Beekhuizen said.
Since Beekhuizen became CEO last year, the company’s leadership team has been “strengthened” through internal promotions and some external hiring, he said.
“Looking ahead, our top priority is to get closer to the consumer in everything we do,” he said. “This is not new, but it’s a philosophy we must follow with greater speed and discipline.”
