Peabody Energy said they will layoff 250 employees and close two of its offices in Evansville, Ind., and Gillette, Wyo., by the end of June.
The company is cutting about one-quarter of its corporate and regional jobs. Fifty of the positions will be eliminated at Peabody’s headquarters.
The cutbacks reflect ongoing struggles by Peabody and other major coal producers. When it announced in April that its first-quarter loss of $176.6 million was larger than what Wall Street expected and its revenue fell short of analyst estimates, Peabody said it was cutting its annual sales estimate by 10 million tons of coal because it expects lower sales in the U.S, reports Yahoo Finance.