by Mike ‘Mish’ Shedlock
The hotel, airline, and travel-related industries are reeling. Marriott alone will lay off tens of thousands of workers.
The Wall Street Journal reports Marriott Begins Furloughing Tens of Thousands of Employees.
Marriott International Inc., the world’s largest hotel company with nearly 1.4 million rooms world-wide, said it is starting to furlough what it expects will be tens of thousands of employees as it ramps up hotel closings across the globe.
The company began shutting down some of its managed properties last week, a Marriott spokeswoman said. The employees at these properties won’t be paid while on furlough but the bulk will continue to receive health-care benefits that are ultimately paid by the hotel owner, she added, which for the vast majority of the brand’s properties isn’t Marriott. Marriott is also trimming staff through furloughs at properties that are still operating.