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Hyatt layoffs: Hyatt to lay off 1,300 employees as pandemic cripples travel

Hyatt Resorts Corp mentioned late Monday it will lay off 1,300 folks globally because it tries to deal with the coronavirus disaster, which has just about halted international journey by holding folks indoors.

Hyatt mentioned it had additionally reduce pay for senior administration, board members and all workers as a part of a restructuring, including that the employees who have been being laid off could be eligible for obtain severance pay.

“Because of the historic drop in journey demand and the anticipated sluggish tempo of restoration, Hyatt has made the extraordinarily troublesome determination to implement layoffs and restructure roles throughout its international company features, starting June 1, 2020,” Hyatt mentioned in a press release.

The lodge chain reported a wider-than-expected quarterly loss final week and suspended its dividend and share buyback program. It had 55,000 workers as of Dec. 31, 2019, in response to Refinitiv Eikon knowledge.

The lodge business is estimating a lack of $1.four billion in income each week on account of the outbreak and a 30% drop in lodge occupancy over a yr, in response to statements from the American Resort and Lodging Affiliation and the U.S. Journey Affiliation in March.

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