Treasury Wines is embarking on a massive restructure that will cost $260 million and change the release dates for its world-famous Penfolds wines.

Treasury said it would ramp up promotion of its wines, cut costs and change its business model as part of the restructure.

It will also combine the annual release dates for new vintages of its Penfolds Bin series and Penfolds Icon & Luxury collection wines to October.

The moves follow Treasury’s announcement in May of plans to cut hundreds of jobs after it rejected a $3.05 billion takeover offer from a US investment firm.

Treasury will split its Australian commercial business, which includes Lindeman’s and Annie’s Lane, from its luxury and masstige portfolio which is home to Penfolds Grange.

It said moving the release of the Penfolds Bin Series and Icon & Luxury Collection wines to October, from March and May, would ensure the wines were on sale for longer.

The change will also help Treasury manage allocations and inventory levels with key customers around the world.

“An October release for Penfolds wines is fully supported by our winemaking teams,” said chief executive Michael Clarke, who took on the top job in March.

“This change places the consumer at the heart of our business model with Penfolds wines now more readily available in the lead-up to key festive periods including Thanksgiving, Christmas, Chinese New Year and Easter.”

Treasury said it would launch its biggest ever promotion of its Penfolds range from July.

The wine maker expects the restructure will cause a $260 million hit to its bottom line in fiscal 2014.

The charge reflects the cost of acquisitions, falls in market growth rates for commercial wine globally, the company’s brands, IT, plant and equipment assets.

As part of the changes, Treasury will also manage its operations in Asia, Europe, Middle East and Africa separately to its Australia-New Zealand business.

Treasury in May rejected a $4.70-a-share takeover proposal from Kohlberg Kravis Roberts & Co.

It said it preferred to focus on its plans to improve performance, address various structural challenges facing the business and to cut costs.

Takeover speculation has been swirling around TWE as the company has struggled in recent years to get its assets in the US to perform better.