PORTLAND, Oregon — Portland-based Vacasa is cutting 13% of its workforce, or 800 roles, as the vacation rental management company works to restructure and reverse several quarters of turbulence.
In an email sent to employees Thursday CEO Rob Greyber called the restructuring “significant” and said it means “we will be parting ways with a lot of talented and hard-working people who have made many meaningful and lasting contributions to Vacasa.”
Vacasa's stock closed down 6.6% Thursday at $6.51.
This is the second round of cuts for the company, which was once one of the region’s fastest growing. In February, Vacasa (Nasdaq: VCSA) announced it would cut 5% of its workforce, or 320 roles.
"This is not easy and I recognize the impact these decisions have on people’s lives and those they care about. We will offer severance and other support to those impacted by today’s announcement. I hope you’ll join me in wishing them well in their future endeavors, and I am very grateful for their efforts and contributions," he said in the email.
Details of the cuts came as part of the company's first quarter earnings. The company is prioritizing local market teams in the field. It is eliminating about 40% of corporate and central operation roles across all functions, the company said in a letter to shareholders. Field positions will be cut by about 6%.
The company is largely remote. In the Portland and Southwest Washington region 47 roles were affected by the restructuring. Prior to this latest news the company had 240 employees in the region. Its Pearl District headquarters in the Heartline building has been subleased with one floor remaining with Vacasa. The other tenants are Swinerton Builders, TimberLab and TrovaTrip.
The Portland Business Journal, a KGW News partner, will be updating the story here.
