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quote:Royal Caribbean Cruises Ltd. confirmed a ‘significant cost savings initiative’ expected to reduce spending by $125m annually, and said that approximately 400 shoreside positions are being eliminated. ‘Too much of our profitability is being eroded by the increase in fuel prices. This is unacceptable and we are evaluating everything we do to find ways to do it more efficiently and effectively,’ RCCL chairman and ceo Richard Fain said in a release. ‘While our brands continue to attract premium prices even in this difficult environment, it is imperative that we find ways to reduce our costs.’ Seatrade Insider last week reported that major cost-cutting moves and a significant staff downsizing were under way. Sources familiar with the situation said that most layoffs were targeted for middle to upper management positions. News emerged over the weekend of terminations, some at the vp level. The 400 jobs being eliminated include about 100 unfilled positions. The company employs slightly more than 4,000 staff in its various locations. Royal Caribbean’s release further mentioned the discontinuation of some non-core operations, such as The Scholar Ship, as earlier reported here. The company said it expects to incur charges related to this restructuring of approximately $15m, or 7 cents per share, in the third quarter. ‘This is a difficult period for virtually all businesses, but we are determined to improve our operating results through tight cost controls, while preserving our outstanding guest experience and continuing to strongly support our travel agent partners,’ Fain said today, adding: ‘We will also continue to make measured strategic investments, especially in growing the international operations of our business.’
‘While our brands continue to attract premium prices even in this difficult environment, it is imperative that we find ways to reduce our costs.’
Seatrade Insider last week reported that major cost-cutting moves and a significant staff downsizing were under way. Sources familiar with the situation said that most layoffs were targeted for middle to upper management positions. News emerged over the weekend of terminations, some at the vp level.
The 400 jobs being eliminated include about 100 unfilled positions. The company employs slightly more than 4,000 staff in its various locations.
Royal Caribbean’s release further mentioned the discontinuation of some non-core operations, such as The Scholar Ship, as earlier reported here.
The company said it expects to incur charges related to this restructuring of approximately $15m, or 7 cents per share, in the third quarter.
‘This is a difficult period for virtually all businesses, but we are determined to improve our operating results through tight cost controls, while preserving our outstanding guest experience and continuing to strongly support our travel agent partners,’ Fain said today, adding: ‘We will also continue to make measured strategic investments, especially in growing the international operations of our business.’
Greetings Ben.
Royal Caribbean Lay-Offs
Rich
A few hundred jobs is not going to make much of a dent in their costs especially as a goodly number of these jobs are already currently vacant and therefore they are not paying anyone for them ! Of course they have to be seen to be doing something, their share price is less than half of what it was, it is interesting, when share prices go up Carnivals always goes up more than theirs (in %) and when they go down they always go down more in %.
Should the present economic climate continue their finance charges on their newer ships (Solstice, Oasis and Freedoms) will bite into their margins.
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