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Carnival Corp. on Thursday said it will strengthen liquidity by doing a combination of layoffs, furloughs, reduced work weeks and salary reductions.
“These moves will contribute hundreds of millions of dollars in cash conservation on an annualized basis,” the company said in a statement.
Carnival said employees will be affected across the entire company, including senior management.
Carnival Corp. temporarily suspended cruise operations in mid-March. The company said workforce changes were largely placed on hold to “forestall the financial impact on employees while still meeting it fiscal responsibilities.” Royal Caribbean Cruises Ltd. announced layoffs and furloughs a month ago.
Carnival Corp. said it continues to pay commission on canceled cruises and on future cruise credits when guests rebook.
Source: travelweekly.com