Portland vacation rental company Vacasa is laying off 800 workers – though most are not based in Oregon. The cuts represent 40% of Vacasa’s corporate and central operations jobs, and about 6% of its field personnel, the company announced in a letter sent to shareholders Thursday.
A file photo of a Vacasa-operated vacation rental, shared by the company when it went public in 2021. The company announced plans Thursday to cut 800 jobs, though most are not based on Oregon.
Courtesy of Vacasa / Courtesy of Vacasa
These layoffs come after a punishing start to 2024 for the company.
In the first three months of the year, Vacasa reported a net loss of about $141 million dollars.
Fewer travelers are booking stays at its listings, and when they do book a vacation rental the price per night is often less than the company forecast, Vacasa leaders told shareholders. And officials say they don’t expect to be profitable this year.
The company also cut 320 jobs in February, and laid off 1,300 workers last year. About 5,400 workers will remain on Vacasa’s payroll after this round of layoffs. The company employed about 7,700 people at the start of 2023.