Hyatt Hotels To Lay Off 1,300 Employees

(RTTNews) - Hyatt Hotels Corp. (H) said that it will implement layoffs and restructure roles across its global corporate functions, beginning June 1, 2020, due to drop in travel demand and the expected slow pace of recovery. The move will impact about 1,300 employees around the world.

"COVID-19 has thrown our industry into unknown territory....it has become apparent that additional measures are necessary to meet this unprecedented challenge," said Mark Hoplamazian, President and Chief Executive Officer, Hyatt.

Laid off Hyatt employees will be eligible to receive severance pay, outplacement services, and benefits commensurate with their years of service. Employees experiencing pressing financial hardships may also seek financial support from the Hyatt Care Fund, the company said in a statement.