Hyatt Hotels axes 1,300 jobs
Hyatt Hotels has announced it will cut 1,300 jobs globally starting next month.
It has already reduced pay for senior positions and other employees but has been forced to take further measures, due to ‘the historic drop in travel demand and the expected slow pace of recovery.’
Affected staff will get a severance package.
About 350 are being let go in its home city of Chicago.
Hyatt recently posted a quarterly loss of over $100 million and postponed shareholder dividends and a share buyback.
"While parting ways with our colleagues is excruciating, we must be sensitive to commercial realities," the company said.
During the recent Q1 earnings call, the company said more than 100 staffers had contracted Covid-19 and six had died.
Hyatt operates more than 900 hotels in 65 countries and has a global workforce of about 55,000.
According to the American Hotel and Lodging Association, the Covid-19 pandemic is costing the industry about $1.4 billion in lost revenue per week.
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