New York (CNN Business) Molson Coors is struggling as younger drinkers continue to shun mass-produced beer for trendy beverages like White Claw and other "spiked seltzers." On Wednesday the company announced that it's laying off workers — and subtly changing its name.

Its official corporate moniker is Molson Coors Brewing Company. But its new name will be Molson Coors Beverage Company.

Molson Coors TAP , which also makes Coors Light, Blue Moon and a number of other beers, announced the changes in conjunction with its latest earnings report, which was not good. Shares fell 4% on the news.

Sales and profit were both down from a year ago and missed Wall Street's forecasts. The company also announced a restructuring that will lead to between 400 and 500 job cuts. According to the company's latest annual report, Molson Coors had about 17,750 employees worldwide, 7,300 of them located in the US.

Molson Coors said it plans to consolidate and reorganize office locations. Its Denver office will close, a stunning decision considering how synonymous Coors and Coors Light are with Colorado and the Rocky Mountains. (Of course, the company still has the Coors brewery in Golden and plans to spend more to modernize it.)

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