filed a notice with the U.S. Securities and Exchange Commission that it would reduce its full-time workforce by 10 percent.Six Flags today
The layoff will affect approximately 240 employees. Six Flags said that it expects to pay approximately $1.5 million in severance costs in the third quarter of 2020 with another $3 million in the fourth quarter. Those costs include severance payments as well as outplacement services. The company said that the layoffs are part of its "transformation productivity initiatives."
More details are to come in the company's quarterly investor conference call, on October 28. New Six Flags President and CEO Mike Spanos tipped changes in the company's most recent quarterly call, when he promised "a fundamental review of our business model with the goal of becoming a more agile, consumer-centric, and technology-savvy organization."
Parts of that effort included eliminating management redundancies between parks and corporate headquarters and finding cost reductions by standardizing purchasing across the chain, which could have contributed to today's announced layoffs.
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