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Marriott Vacations Worldwide (NYSE:VAC) discloses a workforce reduction plan that is expected to affect ~3,300 jobs by mid-November or later, as part of its response to the effects of the COVID-19 pandemic on business operations."While occupancies have rebounded to some extent in many of our drive-to resort destinations, they remain low by historic standards, and several key markets, such as Orlando and Hawaii, continue to experience very low occupancies," the company says.Marriott Vacations expects to incur $25M-$30M in restructuring and related charges, mostly over the remainder of FY 2020.The company reported a wider than expected Q2 loss as revenues fell 54% Y/Y to $480M, including an 84% plunge in the sale of vacation ownership products.
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