The president and CEO of Molson Coors announced  Wednesday (Oct. 30) that their Denver commercial headquarters will close and move to Chicago.

In a blog post, Molson Coors said they are reinvesting the savings into its business to get the company back on track.

About 500 salaried positions will be cut according to the company.

According to Denver7, Molson Coors Brewing Co. (TAP) reported on Wednesday a third-quarter loss of $402.8 million, after reporting a profit in the same period a year earlier.

Molson Coors also announced that says the name “MillerCoors” will be retired, and the company will use the new name “Molson Coors Beverage Co.” starting January 1, 2020.