Hyatt Hotels Corp said on that it would dismiss 1,300 employees globally following to curb the spread of Coronavirus crisis, which almost stopped global tourism by keeping people self-isolated.
Hyatt said it would also cut salaries for all employees and board members as part of a restructuring, adding that the staff who were being laid off would be eligible for receive severance pay.
“Due to the historic drop in travel demand and the expected slow pace of recovery, Hyatt has made the extremely difficult decision to implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020,” Hyatt said in a statement.
The hotel-chain witnessed a very huge loss and suspended its buyback program. It had 55,000 employees as of Dec. 31, 2019.