SeaWorld to Cut 320 Positions
December 06 2016 - 01:00PM
Dow Jones News
SeaWorld Entertainment Inc. said Tuesday it would lay off 320
employees as part of a restructuring and cost-cutting initiative as
it continues to plan for a post-Orca future.
In March, SeaWorld said it would stop breeding killer whales, as
known as Orcas, and cease its theatrical shows featuring them, as
heavy public scrutiny in recent years pressured attendance.
SeaWorld has said it wants to highlight its animal-rescue efforts
and add more educational and advocacy work to its parks.
Tuesday, the company called the layoffs "unfortunate, but
necessary."
The restructuring program across the company's 12 parks aims to
reduce costs, increase efficiencies and improve the company's
operations.
Tuesday's moves are part of a cost-cutting plan the company
unveiled in November that aims to reduce costs by about $65
million, with targeted $40 million in net savings by the end of
2018.
The shift away from orcas won't happen quickly-the company has
nearly 30 killer whales and it says they typically live up to 50
years.
Shares of SeaWorld fell 1.3% in morning trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
December 06, 2016 12:45 ET (17:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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