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Vacation rental company Vacasa plans to lay off 13% of its workforce as part of a company reorganization.
The Portland, Oregon-based short-term rental company said in a Securities and Exchange Commission filing Thursday it plans to lay off 800 employees. Those losing their jobs include 40% of its central corporate staff and 6% of its field staff, Skift reported.
“These changes will implement a reorganization of the Company’s operations, to further equip its field teams to locally manage, and be accountable for, their markets, while significantly reducing the Company’s central corporate footprint,” Vacasa said in the filing, signed by CEO Robert Greyber.
The layoffs and restructuring come as the company struggles financially. In the first quarter, it reported a net loss of $141M, including $84M in impairment charges. Its revenue fell 18% year-over-year to $209M.
The company also laid off 1,300 workers last year, OPB reported in January 2023.
About 5,400 workers will remain on Vacasa’s payroll after this latest round of layoffs, down from 7,700 people at the start of 2023, according to OPB.
Vacasa manages 44,000 properties across North America, according to its website.
It said the restructuring would cost between $8M and $9M, Skift reported. The company also drew down $81M of its revolving credit facility.
The vacation rental company went public in 2021 with shares dropping more than 10% on opening day, OPB reported. The deal was valued at nearly $4B.
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