Real Estate Industry News

Topline: As the coronavirus pandemic keeps Americans confined to their homes, nearly every industry has been negatively impacted by the disease, and businesses losing out on cash flow have started laying off workers.

Here’s who’s axed staff so far:

Airlines & Transportation

  • Air Canada will lay off 5,100 members of its cabin crew, about half of its current roster, as its planned flights for April have been cut by nearly 80%.
  • Avis Car Rental Boston’s Logan International Airport reportedly laid off an undisclosed number of workers.
  • Norwegian Air said that it would temporarily lay off up to 50% of its workforce, meaning 7,300 workers, and suspend 4,000 flights due to the pandemic.
  • Scandinavian Airlines said Sunday it will temporarily lay off 10,000 employees, equal to 90% of their staff.
  • Stena Line, a European ferry operator, announced that 950 jobs would be cut in Sweden due to a sharp decline in travel bookings.
  • Canadian airline and travel company Transat AT let go of 3,600 workers, or about 70% of its workforce.
  • ZipCar, a car rental company, laid off 20% of its 500 workers.

Airports

Arts & Culture

Education

Finance

Hotels

Industry

  • North Dakota-based water management and well logistics company MBI Energy Services laid off over 200 workers.

Manufacturing & Logistics

  • Lightweight metals manufacturer Arconic laid off 100 workers from its Lafayette, Indiana plant.
  • Power substation and transformer manufacturer Delta Sky let go of an undisclosed number of employees.
  • General Electric laid off about 10% of its jet engine workforce, around 2,500 workers.
  • Union leaders at a General Motors plant in Ontario, Canada have recommended a two week layoff due to concerns over the virus.
  • Mitchell Plastics of Charlestown, Indiana, has temporarily laid off 36o workers.
  • The Port of Los Angeles let go of 145 drivers after ships from China stopped arriving.
  • Minnesota-based cabinetmaker Wayzata Home Products had to lay off its entire 141 person staff.

Real Estate

  • The Trump Organization laid off or furloughed 1,500 employees from President Trump’s hotels in the U.S. and Canada.

Restaurants & Dining

  • “All restaurant staff” were reportedly let go at Aqimero, located in Philadelphia, Pennsylvania’s Ritz-Carlton hotel.
  • Bon Appetit Management Company, a retail dining employer for college campuses, laid off 140 workers from the University of Pennsylvania.
  • Cameron Mitchell Restaurants furloughed 4,500 workers, with 90 at Philadelphia, Pennsylvania’s Ocean Prime restaurant reportedly laid off.
  • Compass Coffee, a Washington, D.C. Starbucks competitor, laid off 150 of its 189 employees—equaling 80 percent of its staff.
  • Danny Meyer’s Union Square Hospitality Group laid off 2,000 workers, which is 80% of its workforce.
  • Austin, Texas-based Dyn365 is laying off 95 office workers.
  • Earl’s Restaurants, Inc. in Boston laid off around 360 workers from two locations.
  • Eatwell DC, a District of Columbia-based restaurant group, let go of 160 employees.
  • HMSHost, a Seattle, Washington, global restaurant-services provider said it would lay off 200 people and an area corporate shuttle service would lay off 75, HuffPost reported.
  • Austin, Texas-based JuiceLand let go of of approximately 225 workers.
  • Landry’s Inc., the parent company of Del Frisco’s and Bubba Gump Shrimp Co. (along with the Golden Nugget casinos) had to temporarily lay off 40,000 workers.
  • Shake Shack let 20% of its New York City-based corporate staff go.
  • Trump National Doral restaurant BLT Prime in Miami, Florida, laid off 98 workers.

Retail

  • Tech boutique B8ta reportedly laid off half of its corporate staff.
  • Massachusetts-based marijuana dispensary Cultivate laid off an unknown number of workers.
  • Destination XL, based in Massachusetts, cut 245 brick-and-mortar store jobs.
  • Shoe retailer DSW put up to 80% of its workers on a temporary unpaid leave of absence, according to a statement from a spokesperson to Forbes.
  • Stationery and crafts store Paper Source let go of 88 workers across Massachusetts.
  • U.K.-based retailer Primark laid off 347 workers from locations around Massachusetts.
  • Cosmetics retailer Sephora let go of some part-time and seasonal workers in its U.S. business; Canadian corporate employees are working reduced hours.
  • Laura Ashley, the British homewares and bedding maker, filed for administration (the U.K.’s version of bankruptcy) after rescue talks were impeded by the coronavirus outbreak.
  • New York City bookseller McNally Jackson, which operates four locations, temporarily laid off its employees, but intends to hire them back “as soon as we can,” according to the company’s Instagram account.
  • Mountain Equipment Co-op, a Canadian outdoor recreation retailer, will let go of 1,300 employees by March 29.
  • Simon Property Group, America’s largest mall owner, laid off an undisclosed number of employees while furloughing an additional 30% of its workforce.
  • Inclusive bra maker ThirdLove laid off 30 to 35% of its staff.
  • Mattress upstart Tuft & Needle let go of an undisclosed number of retail store workers.
  • Sportswear maker Under Armour laid off around 600 warehouse workers in the Baltimore, Maryland area.

Silicon Valley & Technology

  • Vehicle sharing platform Bird laid off 30% of its workforce, which came to 406 employees out of its workforce of over 1,300.
  • Fitness platform ClassPass let go of 22% of its employees, while furloughing an additional 31%.
  • New York City real estate startup Compass laid off 15% of its workforce.
  • Boston-based AI company DataRobot let go of an undisclosed number of staffers.
  • Fashion startup Everlane laid off and furloughed 200 employees from its retail and backend departments.
  • Minneapolis-based food delivery service Foodsby laid off an undisclosed number of workers.
  • In Silicon Alley, four startups—online mattress retailer Eight Sleep, technical recruiter Triplebyte, hospitality startup The Guild, and luxury sleeper-bus service Cabin—laid off about 75 people between them.
  • Car rental startup GetAround let go of around 100 workers due to the impact of the coronavirus.
  • Iris Nova, a drink startup backed by Coca-Cola, let go of 50% of its staff.
  • Trucking unicorn KeepTruckin let go of one-fifth of its employees.
  • Office space leasing company Knotel cut half of its 400 employees.
  • Cannabis startup Leafly dismissed 91 workers, following a round of layoffs from two months prior.
  • Boston-based travel startup Lola laid off 34 employees, reportedly among the first full-time tech casualties of the coronavirus crisis.
  • Interior design and e-commerce platform Modsy let go of an undisclosed number of employees.
  • Overtime, the Kevin Durant-backed sports media company, parted ways with 20% of its employees.
  • IT infrastructure company Pivot3 laid off an undisclosed number of workers.
  • High end clothing rental service Rent The Runway laid off all retail employees across the country.
  • Oil, gas and alternative energy marketplace RigUp let go of 25% of its workforce.
  • Petsitting platform Rover laid off 41% of its workers.
  • Apartment rental startup Sonder laid off or furloughed 400 employees, equaling roughly 30% of its workforce.
  • Artificial intelligence writing platform Textio laid off 30 workers.
  • Tasking platform Thumbtack let go of 25o employees.
  • Travel manager TripActions laid off 300 workers—about 25% of its staff—mostly across customer support, recruiting and sales.
  • Wonderschool, backed by Andreeson-Horowitz, let go of 75% of its staff.
  • Online hiring marketplace ZipRecruiter laid off or indefinitely furloughed 400 of its approximately 1,200 full-time employees.
  • AirBnb-backed business travel company Zeus Living cut 30% of its staff.
  • Yelp laid off or furloughed more than 2,000 workers—a 17% staff reduction.

Sports & Fitness

  • The NBA’s Utah Jazz laid off an undisclosed “small percentage” of its workforce.
  • Maryland-based yoga chain CorePower Yoga let go of 193 workers across five studios.

Elsewhere

  • Boston’s Tea Party Ships & Museum, along with Old Town Trolley Cars, laid off an undisclosed number of employees.
  • Central Ohio’s YMCA cut 85% of its workforce, consisting of over 1,400 part-time workers and 320 full-time workers.
  • The Fitler Club, a dining, accommodations and co-working space in Philadelphia, Pennsylvania, dismissed nearly 240 workers.
  • The Greater Philadelphia YMCA laid off 4,000 workers after its childcare and gym revenue dropped.
  • The mayor of Tombstone, Arizona, who runs a historic stagecoach tour business of the town, had to let go of 175 workers.
  • Women’s co-working company The Wing laid off almost all of its space teams and half of its HQ staff.

What to watch for: If any U.S. airlines end up laying off workers. Delta Airlines said it would cut flights and freeze hiring. American Airlines is also cutting flights, and delaying trainings for new flight attendants and pilots.

What we don’t know: Exactly how many restaurant workers have been laid off due to the pandemic. New York City, a dining mecca, has about 27,000 eating and drinking establishments that were staffed by over 300,000 people. Restaurants are able to fulfill delivery and takeout orders, but can do so using skeleton crews.

Big number: 50%. That’s how many U.S. companies are considering layoffs, according to a survey released by Challenger, Gray & Christmas, the country’s oldest outplacement firm. And the Federal Reserve of St. Louis estimated that 47 million jobs could be lost due to the coronavirus crisis. The numbers come on the heels of the 10 million American workers who filed for unemployment, according to data released Thursday, an all-time high.

Key background: There are now over 350,000 reported coronavirus cases in the U.S. and over nearly 10,000 deaths, according to data from Johns Hopkins University. Worldwide cases now amount to over 1.3 million infected and nearly 74,000 dead. Meanwhile, President Trump signed a coronavirus relief bill into law that provides free testing and paid sick leave, along with a $2 trillion stimulus package. New York and other state and city governments have declared states of emergency, banned large gatherings and ordered the closings of restaurants and bars to stem the spread of disease. Cancelations of concerts, sports leagues, festivals, religious gatherings and other large events have impacted millions of people. President Trump enacted a 30 day travel ban from Europe that sent airlines and travelers scrambling to adjust, before declaring a national state of emergency March 13. The uncertainty over when the country—and its citizens—can resume normal life is a specter hanging over businesses, as they decide whether to cut workers.

Further reading:

Tracker: Media Layoffs, Furloughs And Pay Cuts Due To Coronavirus (Noah Kirsch)

Full coverage and live updates on the Coronavirus

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