SeaWorld Entertainment Announces More Than 300 Job Cuts Amid Restructuring

(RTTNews) - Theme park operator SeaWorld Entertainment, Inc. (SEAS) on Friday is said to have begun laying-off workers, cutting about 311 jobs, as part of its previously announced company-wide cost initiative to deliver about $50 million of annual cost savings by the end of 2015.

The job cuts are expected to affect employees working at the company's headquarters in Orlando and across its eleven parks, which totally employ 4,500 full-time workers and 7,300 part-timers.

Orlando, Florida-based SeaWorld had earlier revealed that it will offer severance benefits to those impacted. The restructuring is focusing on centralizing some operations, reducing duplication of functions and increasing efficiencies and accelerating execution.

The move comes just a day after President and CEO Jim Atchison announced his decision to resign from the positions, effective January 15, 2015. The company then named Chairman David D'Alessandro as interim CEO, while Atchison will become vice chairman and also serve as a consultant with respect SeaWorld's international expansion.

Atchison has been under pressure for some time as the company has seen a year of dropping revenues amid continued drop in attendance at the parks. The attendances at the parks have been impacted partially due to criticism of the marine parks from animal rights activists.

A documentary called "Blackfish" released in July 2013 about the alleged harm caused to orca whales in captivity is said to have hurt attendance.

SeaWorld was formerly owned by private-equity firm Blackstone Group LP (BX), which retains a 22.5 percent minority shareholding. Blackstone exited part of SeaWorld stake by taking it public on April 18 through an initial public offering. Blackstone again sold shares in the secondary market six months later.

SEAS closed Friday's regular trading session at $15.77, down $0.32 or 1.99% on a volume of 2.04 million shares.