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Carnival Announces Layoffs, Furloughs, And Salary Cuts

Carnival Corporation & plc (CUK,CCL,CCL.L) announced additional steps to further strengthen ability to manage through extended pause in guest operations.

The company said it will layoff, furlough, reduce work weeks and salary across the company, including senior management. The moves will contribute hundreds of millions of dollars in cash conservation on an annualized basis, the company said in a statement.

"Taking these extremely difficult employee actions involving our highly dedicated workforce is a very tough thing to do. Unfortunately, it's necessary, given the current low level of guest operations and to further endure this pause," said Carnival Corporation & plc President & CEO Arnold Donald.

The company said that the majority of guests affected by its schedule changes want to sail with it at a later date, with fewer than 38 percent requesting refunds to date.
The company stated that its booking trends for the first half of 2021 demonstrate the resilience of brands and the strength of loyal recurring customer base, of which 66% are repeat cruisers.

Carnival suspended the guest cruise operations of some of its brands in the face of the impact of the COVID-19 global pandemic, followed on March 13th by the rest of its brands and the other cruise companies.

In Thursday pre-market trade, CCL is currently trading at $11.62, down $0.64 or 5.22%.

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