Yahoo Finance Coronavirus forces Yelp to layoff, furlough thousands of workers
Yelp will be laying off or furloughing 35 percent of its staff in response to the coronavirus outbreak and the need to cut expenses, the CEO announced in a company-wide email Thursday.
"It’s been an extremely difficult and painful last month: the world is facing a global health crisis none of us have ever witnessed in our lifetimes," Yelp CEO Jeremy Stoppelman wrote. "It has disrupted daily life for nearly everyone — from businesses that rely on foot traffic or human contact, to workers who have no visibility into when they will earn their next paycheck; and parents, including many of us here at Yelp, who are trying to juggle childcare with job responsibilities."
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Adding, "We came to this decision as a last resort only after cutting non-employee expenses where possible. "
Yelp will be laying off 1,000 workers and furloughing an additional 1,100.
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The crowd-sourced reviews app had 5,950 employees as of December 31, 2019, according to its SEC filing.
Stoppelman says that he won’t take a salary nor stock gains for the remainder of the year.
The company expects $8 to $10 million in fees due to severance and benefits costs.
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