Hyatt to Restructure and Lay Off 1,300 Employees
Hyatt Hotels said this week it would restructure roles and lay off employees across its operations worldwide. The move would impact about 1,300 staff, amid a global travel halt to curb the spread of the coronavirus pandemic.
“Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020,” the news release says.
“COVID-19 has thrown our industry into unknown territory,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. “While parting ways with our colleagues is excruciating, we must be sensitive to commercial realities so we can continue to fulfill our purpose of care over the long term.”
Affected employees will be eligible for some benfits. They will receive severance pay, outplacement services, and benefits commensurate with their years of service, the release says.
Hyatt reported a loss of $103 million in the first quarter of 2020. The quarterly report noted that 25% of it’s properties around the world are currently closed.
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