Carnival to Downsize Operations after the Coronavirus Crisis

Carnival Corporation has announced a series of layoffs, furloughs, reduced work weeks and salary reductions as the company seeks to boost liquidity during the coronavirus pandemic.

The cruise giant did not provide specific number for total job losses, but said the moves would contribute “hundreds of millions of dollars” in cash conservation on an annualized basis.

However, to provide some context, in Florida there are 820 positions being eliminated out of a workforce of roughly 3,000 employees, with another 537 employees being placed on furlough.

Carnival Corporation is largest cruise operator in the world as parent to Carnival Cruise Line, P&O Cruises, Cunard, Princess Cruises, Holland America Line, Seabourn, Aida Cruises and Costa Cruises.

Carnival itself ceased sailings on March 13th, with the remaining brands following suit days later.

Last month the company completed a financing effort with an offering of senior secured notes, senior convertible notes and common stock, netting $6.4 billion of additional liquidity.