World's largest ski resort operator announces layoffs ahead of winter season
Vail Resorts is trimming its workforce as part of a two-year transformation plan
FOX Business Flash top headlines for September 27
Check out whats clicking on FoxBusiness.com.
Vail Resorts, the largest mountain resort operator in the world, announced this week that it is trimming its workforce as part of a two-year transformation plan.
The company said it is eliminating roughly 14% of its corporate positions and less than 1% of its operational workforce, impacting 0.2% of frontline staff. According to an SEC filing on Thursday, Vail employed roughly 7,600 year-round employees and 44,900 seasonal employees last fiscal year across its 42 resorts.
Snowboarders ride the ski lift in Beaver Creek, Colorado. Vail Resorts announced this week it is cutting positions as part of a two-year transformation plan. (George Frey/Bloomberg via Getty Images / Getty Images)
"No matter how big or small the impact of position eliminations, we do not take lightly any decision that affects our team members," CEO Kirsten Lynch said in a statement announcing the move. "Our team members are the core of our mission to create an Experience of a Lifetime, and we have tremendous gratitude for their passion and commitment to our mission, our mountains, and our guests."
SOUTHWEST TO END OPEN SEATING FOR 2026 FLIGHTS, OFFER MORE LEGROOM AND RED-EYE BOOKINGS
The company says that employees whose jobs are impacted by the position cuts are welcome to apply for open roles at the company.
The Peak 2 Peak gondola at the Whistler Blackcomb ski resort on Blackcomb Mountain, British Columbia, Canada, on Tuesday, March 28, 2023. Vail Resorts is cutting its headcount as part of a plan to position the company for further growth. (James MacDonald/Bloomberg via Getty Images / Getty Images)
The layoffs are part of a broader "Resource Efficiency Transformation Plan" that Vail expects will save the company $100 million by the end of 2026.
ONLINE PASSPORT RENEWAL NOW MORE WIDELY AVAILABLE, STATE DEPARTMENT SAYS
Vail says that it has expanded rapidly over the past decade, growing its resort portfolio by 32 owned and operated resorts while doubling its workforce. The ski resort operator says its transformation plan will better position it for further expansion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MTN | VAIL RESORTS | 179.24 | -3.02 | -1.66% |
Vail Resorts, Inc.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"We believe this is a natural progression and next step for our company, that builds upon our success and paves the way for the next phase of growth," Lynch said.