SeaWorld Entertainment To Cut About 350 Jobs

(RTTNews) - SeaWorld Entertainment Inc. (SEAS) disclosed in a regulatory filing that it will eliminate about 350 positions by the end of the fourth quarter of fiscal year 2017 across certain of the Company's theme parks and its corporate headquarters. As a result, the Company expects to record about $5.1 million in pre-tax restructuring charges in the third quarter of 2017. The Restructuring Charges relate to severance and other expenses incurred in connection with the restructuring program.

For the third quarter of 2017 and for the nine month period ended September 30, 2017, the Restructuring Charges will reduce the Company's reported earnings but will not impact the Company's Adjusted EBITDA.

The company had previously announced in August 2017 that it was identifying an additional $25.0 million in potential gross cost savings and restructuring program is a part of those efforts.