Hyatt Hotels to Terminate 1,300 Employees June 1 to Cut Costs
Despite a sizable stock market rebound in April, Hyatt Hotels (NYSE: H) announced in a press release today that it's terminating 1,300 employees on June 1 as part of a restructuring plan. While the terminations are referred to as "layoffs," the press release refers to the employees' eligibility to receive severance pay, making it clear these are permanent layoffs and not simply more furloughs.
Back in March, Hyatt furloughed or cut pay for approximately two-thirds of its workforce, responding to catastrophically nosediving demand for hotel rooms during COVID-19's near-shutdown of global travel.
Image source; Hyatt Hotels.
Source Fool.com
