Vacation rental management company Vacasa laid off 1,300 employees Tuesday, a dramatic step aimed at stabilizing the faltering Portland company. The layoff includes 240 in the Portland area, which puts it among the region’s largest round of job cuts since the early days of the pandemic.
“We need to reduce our costs and continue to focus on becoming a profitable company,” new CEO Rob Greyber wrote in a note to staff Tuesday, which Vacasa then filed with federal securities regulators. The job cuts represent 17% of Vacasa’s 7,600-person workforce. Greyber said the company had already notified the employees who are losing their jobs.
“The reduced roles spanned both our corporate and field/operations teams, with a focus on maintaining or exceeding our service levels for both owners and guests,” Vacasa said in a written statement.