In the wake of a shakeup at Smooth Move Tea Company, the company’s CEO leaves the industry.
The company announced Monday that it is laying off 1,000 employees, including its founder, and is slashing its workforce to 1,100 employees, according to Reuters.
Smooth Move has grown to be a leader in smooth tea and its tea bags and teas have become a big hit with athletes and celebrities.
Smooth moves tea bag and tea leaves are also popular among those who are looking for a healthier alternative to coffee.
The tea company had been valued at $1.4 billion, Reuters reports.
Smooth move, which is based in the US, employs about 700 people, according Reuters.
It has been one of the best-known brands in the Asian market.
The latest cuts to the company are expected to lead to a further drop in sales.
The stock dropped to $1,101 in the pre-market on Monday.
The drop comes as other tea companies around the world are trying to survive.
In April, the Chinese tea company Peking University said it was cutting 1,400 jobs after more than $4 billion was lost in its first quarter of 2018.
