Marriott to Furlough Tens of Thousands of Staff, Stock Price Sinks 10%

Marriott International Inc. (NASDAQ:MAR), the world’s largest hotel company, said it is forced to furlough tens of thousands of employees amid the collapse in global demand.

"We are working quickly to mitigate the impact to our business while also focusing on assisting our associates, our guests and our owners," a Marriott spokesperson said. "While the ultimate impact is difficult to predict at this time given the fluidity of the situation, we remain confident in our long-term prospects."

The hotel giant announced last week it started closing its hotels. The affected staff won’t be paid while on furlough, but they will continue to receive health-care benefits.

Shares of the company fell yesterday to its lowest levels since 2013, after printing record highs in December last year.