Treasury Wine Estates (ASX:TWE) axed about 170 jobs over the past few days, or nearly 7% of its headcount, as part of its Project Ascent cost reduction initiative, the Australian Financial Review reported Wednesday, citing a company spokeswoman.

The job cuts occurred mainly across corporate functions, and the company plans to hire for some new positions in commercial operations in Australia, New Zealand, and China, according to the report.

Treasury Wine Estates did not immediately respond to a request for comment from MT Newswires.

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