Hilton to terminate 2,100 jobs globally
Furloughs, reduced hours and corporate pay reductions have been extended
Hilton Worldwide Holdings Inc. is terminating 2,100 corporate jobs globally, the multinational hospitality company announced on Tuesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HLT | HILTON WORLDWIDE HOLDINGS INC. | 250.47 | -2.97 | -1.17% |
The move comes as Hilton plans to boost liquidity and reduce company expenses since the coronavirus pandemic has forced record numbers of people to stay home during peak travel times, crushing the hospitality industry on a global scale.
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"Never in Hilton’s 101-year history has our industry faced a global crisis that brings travel to a virtual standstill. Hospitality will always be a business of people serving people, which is why I am devastated that to protect our business, we have been forced to take actions that directly impact our Team Members," Hilton President and CEO Christopher J. Nassetta said in a Tuesday statement.
Employee furloughs, reduced hours and corporate pay reductions have also been extended. Those who are terminated will receive severance pay, outplacement support, a faster recruitment process for when travel resumes and other benefits, the company said in the release.
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Hilton has more than 6,100 properties in 118 countries and territories. The company's shares increased 1.3 percent in early morning trading.