Vail Resorts is cutting 14 percent of its corporate staff as its revenue tumbles.
The layoffs are expected to save the company $100 million over the next two years, the Broomfield-based resort giant said during a quarterly update for investors this week.
Jobs in accounts receivable, payroll and IT will be consolidated and outsourced. The cuts are anticipated to affect less than 1 percent of Vail’s total operations workforce.
Vail is eliminating jobs as the number of skiers visiting its properties falls worldwide.
The number of skiers and snowboarders on its mountains was down 9.5 percent during the 12 months ending in July compared to the year prior, according to a statement for investors.
The lackluster results were due to poor snow conditions in North America and Australia, the statement said. Snowfall at Vail’s Western U.S. resorts, which includes its marquee Colorado properties, was down 28 percent.
Wall Street is souring on Vail as lift ticket sales continue to disappoint. Shares of the company’s stock are down more than 20 percent from a year ago.
