Vail Resorts is laying off 14% of its corporate workforce at world headquarters in Broomfield and elsewhere.
That is over 100 mid to high-level positions.
The company calls it a “resource efficiency transformation plan” and hopes to save $100 million by 2026.
“The company is implementing a two-year resource efficiency transformation plan to create organizational effectiveness and scale for operating leverage as the company expands and grows globally,” Vail Resorts CEO Kirsten Lynch said in a release. “The transformation plan is focused on three pillars: scaled operations, a global shared services model and guest support center, and an expansion of workforce management.”
In other words, the back office is consolidating and giving more responsibilities to fewer people.
But what about the lifties?
Good news there: This plan calls for minimal changes on the snow at Vail’s 40+ resorts worldwide. Seasonal staff is shrinking by 0.2% — fewer than 100 employees out of 44,000 worldwide.
This news comes with a painful Q4 earnings report. Vail profits are down 14% year over year, from $268.1 million to $230.4 million. Resort visits fell more than 9%, early Epic Pass sales are down 3% and company stock is the lowest it has been in three years.