Business

Portland-based Vacasa lays off 1,300 employees

By OPB staff (OPB)
Jan. 25, 2023 12:56 a.m. Updated: Jan. 26, 2023 10:15 p.m.

The vacation rental company is cutting 33 jobs in Portland.

Portland-based Vacasa laid off about 1,300 workers on Tuesday or roughly 17% of its workforce.

The cuts include the elimination of 33 jobs in Portland.

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The vacation rental management company went public in 2021, but its stock has slumped. Vacasa is trying to shrink its expenses as it seeks to become profitable.

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“It is clear to me that Vacasa has more work to do,” wrote CEO Rob Greyber in an all-staff email included in regulatory filings. “As part of this, we need to reduce our costs and continue to focus on becoming a profitable company.”

The company laid off several hundred people in a prior round of job cuts last fall.

Vacasa said the new layoffs would cost the company roughly $5 million in severance payments and employee benefits.

Vacasa had roughly 400 Portland area employees before recent layoffs began.

Correction: In the original version of this story, Vacasa misstated the number of jobs it had cut locally. A Vacasa spokesperson has apologized for the error.

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