Coronavirus: Uber to cut 3,700 jobs as rides plunge
Uber said Wednesday that it will cut 3,700 jobs due to a sharp decline in its ride-hailing business brought on by the coronavirus pandemic.Uber made the job cut announcement in a filing with the U.S. Securities and Exchange Commission. Uber said the positions being eliminated would come from its customer support and recruiting teams, and that it would incur about $20 million in severance and benefits costs related to the layoffs.The company said the move was being made “in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic and its impact on the company’s b...
The Mercury News
Lyft to cut nearly 1,000 jobs
As part of a “plan of termination,” San Francisco ride-hailing giant Lyft will lay off 982 workers to cut costs amid damage from the coronavirus pandemic, the company said in a regulatory filing Wednesday.The employees to be laid off amount to 17% of Lyft’s workforce, it said in the filing with the Securities and Exchange Commission. Lyft does not classify its army of drivers as employees.Cost-cutting efforts have also led the company to furlough about 288 workers and cut base salary by 20% to 30% for executives, while Lyft’s board has agreed to forego 30% of their cash compensation for the se...
The Mercury News
Coronavirus: The Gap says it may not have enough cash to run its business
The Gap, one of America’s Bay Area clothing retailers, has said that because of the coronavirus crisis, it might not be able to fund its business for much longer.In a Securities and Exchange Commission filing Thursday, San Francisco-based Gap said that because of the coronavirus pandemic, it has closed, or reduced operating hours at most of its stores around the world. As a result, Gap said within the next 12 months, its “existing cash and cash expected to be generated from operations may not be sufficient to fund our operations.”Gap said that it had $1.7 billion in cash and investments on Feb...
The Mercury News
Saudi fund takes minority stake in Carnival
Saudi Arabia’s public investment fund has taken an 8.2% stake in Carnival Corp., according to a Monday financial filing from the cruise giant.Carnival shares have fallen 83% year to date to about $8 a share, as the number of coronavirus-related deaths on cruise ships has risen and ships have been turned away from ports. As of Friday’s closing price, the new stake was worth $369.4 million, according to Bloomberg.Shares were up as much as 20% in Monday trading.Carnival declined to comment. The Saudi fund did not immediately respond to a request for comment.———©2020 Miami Herald
SeaWorld to temporarily close parks nationwide starting Monday, lasting through March
SAN DIEGO — SeaWorld Entertainment will temporarily close all of its theme parks effective Monday through the end of March to help combat the spread of the COVID-19 coronavirus.The parent of SeaWorld San Diego announced the pending park closures on Friday and posted the statement in a filing with the U.S. Securities and Exchange Commission.The shutdown follows Disney’s announcement that it will close Disneyland and California Adventure in Southern California beginning Saturday and lasting through the end of the month.“During this time, essential personnel, including animal care experts, will c...
The San Diego Union-Tribune