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Hospitality firm Vacasa lays off almost 280 employees

By Nithya Bose in US business news, posted October 25, 2022

Portland-based vacation rental management firm Vacasa has confirmed it has made 280 employees redundant.

The company is working to strengthen its financial position and improve its low share price.

The job cuts affect three percent of its workforce.

Vacasa said: “We do not take these decisions lightly, but we continuously assess our business, striving to optimize our resources and teams to be efficient and align with our priorities.”

The majority of the cuts were in corporate jobs, which have historically been centered in Portland.

However, Vacasa stated that its staff has become more globally distributed since the pandemic began, as employees have moved to remote work.

The company promotes holiday rentals online and manages properties for homeowners, offering cleaning, maintenance, and other services.

The company's second-quarter sales were $310 million, up 30 percent from the previous year.

Vacasa went public last year after a merger with a special purpose acquisition company or SPAC, but its debut on Wall Street was a flop.

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In August, it appointed former Expedia executive Rob Greyber as CEO.

The reductions last week are the latest in a wave of layoffs at Oregon firms such as Arcimoto, Laird Superfood, and Columbia Steel Casting.

When Intel publishes third-quarter financial results on Thursday, October 27, the state's largest corporate employer appears to be planning major job losses.

Source: Oregon Live

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