One of the New Zealand's biggest hotel chain cut Jobs of hundreds of staff | NZ Market Update

  • May 26, 2020 NZST
  • Team Kalkine

One of New Zealand's biggest hotel chains, Millennium & Copthorne Hotels, says it has cut hundreds of staff as a result of the effects of Covid-19 on the tourism sector. The company began closing hotels not long after New Zealand entered level 4 lockdown in March. It said on Tuesday that it had been forced to make decisions about its workforce that had affected 70 percent of its employees.

Retirement village owner and operator Arvida Group made $42 million annual net profit after tax, 28 percent down on last year, with the pandemic hitting just before the end of its financial year.

The iconic Waitomo Caves attraction will be the hardest hit by Covid-19 job losses proposed by Tourism Holdings. And residents fear the fallout on surrounding businesses will be devastating.

#joblosstrauma #NewZealand #Kalkine

 


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