Earlier today, Vacasa notified employees it is laying off an unspecified number of workers, cutting the hours of others in half, and reducing executive pay.
“With rapidly evolving travel restrictions and closures in popular vacation destinations like ski resorts and beaches, we are seeing a significant decline in reservations and revenue,” Vacasa said in a written statement. “To preserve the longevity of our business, we have to make proactive and significant cost adjustments, including staffing changes across the organization.”
Vacasa added that interim CEO Matt Roberts will take no pay through the end of the year and that other executives will have their compensation reduced by half.
According to the Oregon Live, who first broke the story, “Vacasa had been Oregon’s most promising company in a generation, raising more than $500 million in outside investment that valued the business at more than $1 billion. But the hospitality and lodging industry has been walloped by the coronavirus outbreak, with vacation travel all but ceasing as people seek to protect themselves from infection.”