The Colonial Williamsburg Foundation's debt issues forces layoffs
The foundation announced to the community that it has been losing millions of dollars a year. Additionally, the foundation was burdened with more than $300 million in debt at the end of 2016. As a result, the organization has planned to layoff 16% of the workforce, about 71 employees in 2017. In a further effort to cut costs, various operations will be outsourced such as retail stores, golf facilities, commercial real estate management, and much of its maintenance.
Labor|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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