Hyatt to Furlough or Cut Hours for Two-Thirds of Corporate USA Employees

Confronting coronavirus-related closures and a sharp decline in hotel business during the COVID-19 outbreak, Hyatt Hotels (NYSE: H) announced it will furlough many of its employees while reducing working hours for others. In all, approximately two-thirds of the hospitality company's U.S. employees will see their hours reduced or be furloughed during April and May.

Image source: Hyatt Hotels

Hotel industry stocks dropped sharply last week. In an effort to cut its costs amid the steep drop-off in bookings and check-ins, Hyatt's furloughs and reductions in both pay and work hours will begin on April 1.

Source Fool.com