May 11, 2020 - Economy

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

A Hyatt building

Photo: John Greim/LightRocket via Getty Images

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.

Go deeper