SeaWorld Entertainment Inc. on Oct. 18 implemented a restructuring plan, which involves eliminating about 350 jobs by the end of the fourth quarter across certain theme parks and the company's corporate headquarters.
The restructuring plan is part of the aquatic parks company's efforts to identify $25.0 million in potential gross cost savings. Through the layoffs, SeaWorld expects to record about $5.1 million in pretax restructuring charges in the third quarter.
The charges relate to severance and other expenses incurred in connection with the restructuring. For the third quarter and for the nine-month period ended Sept. 30, the charges will reduce SeaWorld's reported earnings but will not impact the company's adjusted EBITDA, the company said in an SEC filing.
In December 2016, the aquatic parks company slashed 320 jobs. In recent weeks, reports of a possible sale of SeaWorld generated buzz. Jeansonne-Becka has said previously the company does not comment on rumors.