Friday, October 31, 2008

Dollar - Thrifty to lay off 400 employees

Dollar Thrifty Automotive Group, based in Tulsa has announced it is laying off about 6% of it's workforce (400 employees total), effective immediately. The layoffs are necessary to handle a slowing economy, company officials confirmed. President and CEO Scott Thompson said the layoffs are geared to help Dollar Thrifty return to financial success. The cuts are necessary although painful but will help in stabilizing the rental car operations.

The jobs cuts are mostly at the Tulsa corporate positions and are part of a long term restructuring to help profits in both the good times and the bad times. The custs should save the company about $15 million dollars next year and result ina $4 million charge in the 4th quarter.

The company is scheduled to report it's 3rd quarter earnings next Wednesday.

The layoffs include seven members of senior management, all Tulsa-based or about 30%; 100 employees at the Tulsa headquarters staff (about 15%) & 293 people field staff in the U.S. and Canada (about 5%).

After the layoffs, the company will have 743 employees in Tulsa Oklahoma and 6,600 worldwide.

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