Vacasa Layoffs
Industry Travel · Location Portland · United States · Subscribe (RSS)
Vacasa has 4 publicly reported layoff rounds on record between March 20, 2020 and May 9, 2024. A total of about 2,420 employees were affected across these rounds.
Layoff history
Vacation rental management company Vacasa announced 800 layoffs on May 9, 2024, equal to 13% of its total workforce and 40% of its corporate and central operations staff, as the Portland-based company dealt with falling bookings and softer-than-expected nightly rates. The cuts were the second round of the year, following a February reduction of about 320 roles, and came after Vacasa reported a net loss of roughly $141 million in the first quarter of 2024. CEO Rob Greyber framed the move as a "significant restructuring" intended to localize sales, marketing, and revenue management functions, a reorganization estimated to cost the company $8 to $9 million. In the Portland and southwest Washington region alone, 47 positions were eliminated. No severance details were disclosed publicly.
Reason: declining bookings, lower nightly rates, and operating losses
Source: skift.com
Vacation rental operator Vacasa announced 320 job cuts on February 28, 2024, equal to 5% of its workforce, as softening demand for domestic rentals weighed on the business heading into the year. In a shareholder letter, management wrote that "2024 is off to a difficult start," flagging that booking values were expected to remain weak through at least the first half of the year. The company's revenue fell 6% to $1.2 billion in 2023 and it posted a $528 million full-year loss, with fourth-quarter sales down 19% year over year. Vacasa set aside $4 million to $5 million for severance and related costs. The cuts were accompanied by the departure of Chief Operating Officer John Banczak, effective March 31. It was the second significant reduction in just over a year; Vacasa had eliminated roughly 1,300 positions in January 2023. Shares fell more than 20% in after-hours trading following the announcement.
Reason: Softening vacation rental demand; revenue decline
Source: oregonlive.com
Vacasa disclosed a workforce reduction affecting its Portland operations in January 24, 2023. Approximately 1,300 roles were eliminated.
Source: oregonlive.com
Vacasa disclosed a workforce reduction affecting its Portland operations in March 20, 2020.
Source: bizjournals.com
Data for Vacasa is compiled from public WARN Act filings and reporting linked above. See our methodology.