SeaWorld to eliminate approximately 350 positions in restructuring program
On October 18, SeaWorld Entertainment implemented a restructuring program to reduce costs, increase efficiencies, reduce duplication of functions and improve the company's operations. The company had previously announced in August that it was identifying an additional $25M in potential gross cost savings and this restructuring program is a part of those efforts. The restructuring program involves the elimination of approximately 350 positions by the end of the fourth quarter of fiscal year 2017 across certain of the company's theme parks and its corporate headquarters. As a result, the company expects to record approximately $5.1M in pre-tax restructuring charges in the third quarter. The Restructuring Charges relate to severance and other expenses incurred in connection with the restructuring program. For the third quarter and for the nine month period ended September 30, these Restructuring Charges will reduce the company's reported earnings but will not impact the company's Adjusted EBITDA.