InvestorQ : Is it correct that Hyatt Hotels group is laying off over one thousand people?
Mary Joseph made post

Is it correct that Hyatt Hotels group is laying off over one thousand people?

Answer
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sara Kunju answered.
5 months ago


The Hyatt group has itself confirmed that it would lay off 1,300 people globally as it tries to cope with the Coronavirus pandemic. This is at a global level, which should be a small part of its overall work force. The pandemic has virtually halted global travel by keeping people indoors and has hit hotels the hardest. In addition, Hyatt will also cut pay for senior management, board members and all employees as part of a restructuring. Hyatt admitted that the decision was triggered by the historic drop in travel demand and the slow pace of recovery expected. Last week, Hyatt reported quarterly loss and suspended its dividend and share buyback program. Globally, Hyatt employs around 55,000 employes.