2020-09-10 16:45:32 BKNG Booking Holdings
09/10/20 09/1016:45 09/10/2016:45 | Booking Holdings to reduce Booking.com's global workforce by about 10%In a regulatory filing, Booking Holdings said, "On September 3, 2020, the company approved a plan for Booking.com's reduction in force that impacts approximately 10% of Booking.com's global workforce, which does not include intended reductions in force in certain other countries (including the Netherlands and the United Kingdom) where Booking.com continues to be engaged in the process of consulting with its works councils, employee representatives and other relevant organizations. Restructuring actions under the Approved Plan commenced on September 7, 2020 and are expected to be substantially completed by December 2020. In connection with the Approved Plan, the company expects to incur employment termination and related costs in the estimated range of $50 million to $55 million. The Approved Plan does not include actions related to the leased facilities impacted by the reduction in force and other contract terminations or modifications, as the company's evaluation of various alternative courses of action is still in progress. As the company consults with works councils, employee representatives and other organizations regarding its intentions, the company expects to develop more clarity on the timing, the number of affected employees, financial impact and other aspects of the contemplated cost reduction actions in the remaining countries that are not part of the Approved Plan. Subject to such ongoing consultations, the company still expects to reduce Booking.com's global workforce by up to approximately 25%, including those employees impacted by the Approved Plan." |
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