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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.