Needham-Based TripAdvisor Laying Off 25% Of Workforce Due To Coronavirus
NEEDHAM (CBS) -- TripAdvisor announced Tuesday it is laying off 900 employees worldwide, about a quarter of its workforce. The Needham-based company said the job cuts are "due to the effects of the COVID-19 pandemic on our business."
"I never fathomed the industry I love — travel — having so many hotels at near 100% vacancy, planes grounded, and restaurants empty," CEO Steve Kaufer said in a statement. "We need to take action to ensure Tripadvisor can focus on its mission to serve travelers for years and decades to come."
Employees in the United States and Canada being let go will get severance pay and health insurance continuation "for a period of time," TripAdvisor said. Most of the remaining employees will take a temporary pay cut of about 20% and work a reduced schedule over the summer.
TripAdvisor is also closing its downtown Boston office permanently. Employees there will continue working virtually or move to the Needham headquarters.