Mar 26, 2020 - Economy & Business

StubHub furloughs two-thirds of its workforce

Photo: Interim Archives/Getty Images

Online ticket resale firm StubHub confirmed on Wednesday that it had put a significant portion of its workforce on unpaid leave. Some 450 employees, two-thirds of StubHub's workforce, were affected, Business Insider reported.

The big picture: StubHub is just one of many tech companies whose business has dried up overnight because the coronavirus has decimated a wide swath of industries, from entertainment to travel to health and beauty.

What they're saying: A StubHub representative confirmed the move, but declined to say how many people were put on leave.

  • "We continue to support our customers and partners and look forward to a time when we are able to return to the joy of live events and the special, human connections that come with them," the company said in a statement.

Context: The move comes as all the major professional and college sports leagues have come to a halt and half the country is sheltering in place in an effort to slow the spread of the coronavirus.

  • For those who had bought tickets for events that were canceled, StubHub has been offering customers a coupon worth 120% of the value of the ticket.

Meanwhile:

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Why StubHub halted refunds

Illustration: Aïda Amer/Axios

With sports on pause and large gatherings banned across the globe, the live events industry has effectively ground to a halt.

The state of play: In the U.S. alone, more than 23,000 events have been canceled, postponed or rescheduled in the past three weeks.

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The coronavirus dip is worse than anything startups predicted

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For the last couple of years, startups have been preparing for a recession, but the coronavirus pandemic and its effect on the economy are unlike anything they predicted.

Why it matters: Even companies that had recession plans and have been modeling burn rates, cash flow, and dips in business are throwing those projections out the window and taking drastic measures.

Remote work shift calls for fast footwork

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Air CEO Shane Hegde received a frantic call last week from New York nonprofit Robin Hood (not to be confused with the brokerage app). The organization needed to immediately finish moving all its digital assets to the cloud as it was suddenly sending employees to work from home.

The only solution: He dispatched an employee to Robin Hood’s offices to pick up more than 20 hard drives and upload their contents as fast as possible.