The coronavirus has led to a severe impact on all businesses across the globe from large conglomerates to small, local businesses.
One of the large companies that are feeling the squeeze from the coronavirus is Endeavor, the parent company of the UFC. According to a report from Deadline, Endeavor have been forced to layoff around 250 members of staff in operational roles across the many subsidiaries owned by the company.
The report highlights that many of employees that have been laid off were in operational positions that cannot be completed by working from home such as hotel and restaurant staff.
CEO Ariel Emanuel sent out a letter to employees detailing the need for the business to cut costs due to the impact of the coronavirus on the company’s revenues. Emanuel also stated that himself and Executive Chairman Patrick Whitesell won’t be taking salaries for the remainder of 2020.
“I don’t think any of us could have imagined we’d be in the place we are today.
As we all focus inward to protect our personal health and safeguard our families, every company around the world is simultaneously faced with safeguarding the health and future of its business. We are no different. All parts of our company are feeling the effects.
With that in mind, we are in the process of assessing our operations globally to develop a plan that will protect the business while limiting the impact on as many employees as possible. In addition to the cost-cutting efforts outlined a few weeks ago, we will be implementing a number of additional measures beginning this week and through April that will affect compensation and some jobs across the company. The effects on each business will vary, and you will receive more specifics from your respective leaders, to the extent any of these decisions may impact you. As part of this, Patrick and I will not be taking a salary for the remainder of 2020.
These decisions are not being made lightly, knowing the impact they may have on you and your families during these uncertain times.
We appreciate the strength and compassion that you continue to show for one another as we navigate this challenging situation.
Emanuel’s letter was unclear whether or not any of the UFC staff being affected by the cutbacks however UFC President Dana White has taken to Instagram to confirm that no UFC staff will be laid off.
White was frustrated in his response as another media outlet had reported that the UFC were faced with layoffs.
“Today, this scumbag posted a story that says ‘UFC hit with layoffs’ and he was literally gloating about it. First of all, it’s not true, I’m going to tell you guys again, most of what you read is not true. Literally these scumbags write lies and this guy was gloating about it saying stuff like ‘hey Dana, you have bosses now you should check with them before you… whatever’. No, I don’t, you don’t know anything about this fucking situation and you definitely know nothing about the sport you jerkoff. And for somebody who’s supposed to be a reporter to be gloating about people losing their jobs. I said it before, you piece of shit. Nobody will lose their job at the UFC. Nobody’s getting laid off, it’s not going to happen. The other side of Endeavor laid some people off, I’m not laying anybody off. It’s not going to happen.”
The news of the Endeavor layoffs unfortunately doesn’t come as much of a surprise as the parent company was placed on CreditWatch by S&P Global last week due to a predicted drop in revenue.