By Oregon Public Broadcasting
Portland-based Vacasa laid off about 1,300 workers on Tuesday or roughly 17% of its workforce.
The cuts include the elimination of 240 jobs in Portland.
The vacation rental management company went public in 2021, but its stock has slumped. Vacasa is trying to shrink its expenses as it seeks to become profitable.
“It is clear to me that Vacasa has more work to do,” wrote CEO Rob Greyber in an all-staff email included in regulatory filings. “As part of this, we need to reduce our costs and continue to focus on becoming a profitable company.”
The company laid off several hundred people in a prior round of job cuts last fall. Vacasa said the new layoffs would cost the company roughly $5 million in severance payments and employee benefits.
Vacasa had roughly 400 Portland area employees before recent layoffs began.
