Hyatt Hotels to restructure and lay off 1,300 corporate employees

Hyatt Hotels is set to restructure roles for and lay off 1,300 corporate employees from around the world beginning June 1, per a company statement.

Why it matters: The move comes amid massive fallout in the hospitality industry during the coronavirus pandemic. Similar companies have been forced to implement large layoffs, including AirBnB cutting 25% of its global workforce last week.

What they're saying: "While parting ways with our colleagues is excruciating, we must be sensitive to commercial realities so we can continue to fulfill our purpose of care over the long term – through this pandemic and for what lies beyond," the company said.