Vacasa lays off 280 people, latest Oregon company to cut jobs
Portland vacation rental management company Vacasa laid off 280 people last week as it struggles to improve its financial position and boost its depressed share price. The layoffs represent approximately 3% of Vacasa’s total workforce, the company told trade publication Skift on Friday.
“We do not make these decisions lightly, but we continually evaluate our business, striving to optimize our resources and teams to be efficient and aligned with our priorities,” Vacasa said in a statement to Skift, which has first reported the job cuts.
The company did not respond Monday to a request for additional comment. It’s unclear how many of Vacasa’s layoffs have taken place in Oregon, but the company told Skift the layoffs were primarily for corporate jobs, which are concentrated in Portland.
Vacasa markets vacation rentals online and manages properties for owners, providing cleaning, maintenance and other services. The company posted $310 million in sales in the second quarter, up 30% from a year earlier.
Vacasa went public last year by merging with a special purpose acquisition company, or SPAC, but its debut on Wall Street was a severe disappointment. Shares were down 14% in early Monday afternoon at $3.19. The stock was trading at $11 a share when it went public in December.
Vacasa appointed a new CEO in Augustformer Expedia director Rob Greyber.
Last week’s layoffs are the latest in a string of job cuts at Oregon companies, including Arcimoto, Superfood Laird and Columbia Steel Foundry. Intel, Oregon’s largest corporate employer, looks set to make major job cuts when releasing third-quarter financial results on Thursday.
Oregon cut 600 jobs last month, halting 12 months of steady gains, but Oregon’s unemployment rate remains near historic low at 3.8%.
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