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Vail Resorts, the world’s largest mountain resort operator, announced this week that it will shrink its workforce as part of a two-year turnaround plan.
The company said it will cut approximately 14% of its corporate positions and less than 1% of its operational workforce, affecting 0.2% of front-line employees. According to a Securities and Exchange Commission filing Thursday, Vail employed approximately 7,600 year-round employees and 44,900 seasonal employees last fiscal year across its 42 resorts.
Snowboarders ride a ski lift in Beaver Creek, Colorado. Vail Resorts announced this week that it will reduce its positions as part of a two-year turnaround plan. (George Fry/Bloomberg via Getty Images/Getty Images)
“No matter how big or small the impact of position elimination, we do not take any decision that impacts our team members lightly,” CEO Christine Lynch said in a statement announcing the move. “Our team members are at the core of our mission to create experience of a lifetime, We have great gratitude for their passion and commitment to our mission, our mountains and our guests.”
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The company says employees whose jobs are affected by the job cuts are invited to apply for open positions at the company.
A Peak 2 Peak gondola at Whistler Blackcomb Ski Resort on Blackcomb Mountain, British Columbia, Canada, Tuesday, March 28, 2023. Vail Resorts is cutting its staff as part of a plan to position the company for further 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 expanded rapidly over the past decade, growing its resort 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.
| tape | protection | last | It changes | % changes |
|---|---|---|---|---|
| MTN | Vail Resorts | 180.70 | -7.29 |
-3.88% |
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“We believe this is a natural development and next step for our company, which builds on our success and paves the way for the next phase of growth,” Lynch said.
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