Vacasa To Cut 40% of Corporate Workers, Adding To Layoffs This Year

Dow Jones05-10

By Ben Glickman

Vacasa plans to cut about 13% of its workforce, including almost half of corporate and central operations workers, in its second round of layoffs this year.

The company said in a regulatory filing that it would cut about 800 positions across the company, including 40% of corporate employees and about 6% of field personnel. Vacasa said in February it would cut about 320 positions, or 5% of employees.

The Portland, Ore.-based vacation rental platform's management said in a letter to shareholders that the company had seen a weaker short-term rental market throughout the year. In the last few weeks, the company said the number of bookings and price of bookings for the summer were below initial expectations.

Vacasa said in the filing that the changes were meant to give field teams the ability to locally manage and be accountable for their markets.

The company expects to incur $8 million to $9 million in costs, mostly in the form of employee severance and benefit costs.

Vacasa previously said that it had seen softer demand for domestic, non-urban vacation rentals, in addition to greater supply.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 09, 2024 18:08 ET (22:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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