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Vail Resorts, the world’s largest resort company, announced this week that it will cut its workforce as part of a two-year restructuring plan.
The company said it is eliminating about 14% of its corporate positions and less than 1% of its workforce, affecting 0.2% of front-line employees. According to an SEC filing Thursday, Vail employed about 7,600 year-round workers and 44,900 seasonal workers last fiscal year across its 42 resorts.
Snowboarders ride a ski lift in Beaver Creek, Colorado. Vail Resorts announced this week that it will cut positions as part of a two-year restructuring plan. (George Frey/Bloomberg via Getty Images/Getty Images)
“No matter how large or small the impact of layoffs, we do not take any decision that affects our team members lightly,” CEO Kirsten Lynch said in a statement announcing the move. “Our team members are the backbone of our program building work Experience of a Lifetime, and we are very grateful for their love and dedication to our work, our mountains, and our guests.”
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The company says that employees affected by the reduction in positions are welcome to apply for open jobs in the company.
The Peak 2 Peak gondola at the Whistler Blackcomb ski resort in Blackcomb Mountain, British Columbia, Canada, Tuesday, March 28, 2023. Vail Resorts is reducing its value as part of a plan to position the company for continued growth. (James MacDonald/Bloomberg via Getty Images/Getty Images)
The layoffs are part of a broader “Resource Efficiency Transformation Plan” that Vail expects will save the company $100 million by the end of 2026.
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Vail says it has grown rapidly over the past decade, expanding its portfolio by 32 owned and operated resorts while doubling its workforce. The ski resort operator says its turnaround plan will better position it for further expansion.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| MTN | VAIL RESORTS | 180.75 | -7.24 |
-3.85% |
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“We believe this is a natural progression and next step for our company, building on our success and paving the way for the next phase of growth,” Lynch said.