Beverly Hills entertainment company Endeavor has begun an additional round of salary cuts, furloughs and layoffs as the industry grapples with coronavirus crisis that has shut down productions and live events.
Financial pressures on Endeavor appear to be mounting, as the Beverly Hills entertainment company announced an additional round of cost-cutting and layoffs in the wake of the coronavirus outbreak.
The company, which owns the William Morris Endeavor talent agency, said one-third of its workforce, or roughly 2,500 employees, will be affected by furloughs, have their positions eliminated, or be shifted from full-time to part-time work.and cut salaries. The latest round factors in those layoffs and will include more job cuts. The company declined to provide further details.
“The long-term prospects for Endeavor remain unchanged, but like other companies, we are taking a variety of actions to mitigate the impact of this pandemic,” the company said in a statement.. Endeavor has been hurt by the cancellation and postponement of live events, which has devastated the entertainment industry.
Before the crisis hit, Endeavor had a heavy debt load. According to its SEC filing, last September, the company was carrying $4.6 billion debt on its books.
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