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NASCAR Announces ‘Company-Wide’ Layoffs
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NASCAR on Friday confirmed sizable, “company-wide” layoffs at the Daytona Beach, Florida-based sanctioning body. The news comes just a month before the season-opening Daytona Speedweeks and Daytona 500.
According to published reports, the number of employees affected is believed to be upwards of 50 or more. NASCAR released the following statement late Friday:
“As all good businesses do, NASCAR is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business. We have a talented team at NASCAR and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth.”
“A little less than five percent of our total workforce was laid off today across our entire company,” a NASCAR official confirmed, on condition of anonymity, to The Daytona Beach News-Journal. “We’re looking to take our remaining resources and focusing them on initiatives we already have in place that require dollars and that will help us grow.”
Although NASCAR is a private company, Team Volusia Economic Development Corporation estimated NASCAR employed around 280 locals in 2017. The Florida Department of Economic Opportunities requires companies planning layoffs of 50 full-time employees or more at a single location to provide a 60 days advance written notice. As of Monday, the website did not include any notifications from NASCAR.
The layoffs come at a time when the sanctioning body is looking to acquire the International Speedway Corporation (ISC) and take the public company private.
The anonymous NASCAR official that spoke with The News-Journal noted the layoffs were not related to its bid to acquire and merge with ISC.
A NASCAR spokesperson declined to confirm specific individuals who were no longer employed there. For more information on NASCAR, visit the official website here.
According to published reports, the number of employees affected is believed to be upwards of 50 or more. NASCAR released the following statement late Friday:
“As all good businesses do, NASCAR is committed to strengthening its operation to ensure that resources are aligned to strategies that grow the sport and drive our business. We have a talented team at NASCAR and we’re confident that greater focus on the opportunities to drive fan interest and strong industry partnerships will help our sport achieve long-term growth.”
“A little less than five percent of our total workforce was laid off today across our entire company,” a NASCAR official confirmed, on condition of anonymity, to The Daytona Beach News-Journal. “We’re looking to take our remaining resources and focusing them on initiatives we already have in place that require dollars and that will help us grow.”
Although NASCAR is a private company, Team Volusia Economic Development Corporation estimated NASCAR employed around 280 locals in 2017. The Florida Department of Economic Opportunities requires companies planning layoffs of 50 full-time employees or more at a single location to provide a 60 days advance written notice. As of Monday, the website did not include any notifications from NASCAR.
The layoffs come at a time when the sanctioning body is looking to acquire the International Speedway Corporation (ISC) and take the public company private.
The anonymous NASCAR official that spoke with The News-Journal noted the layoffs were not related to its bid to acquire and merge with ISC.
A NASCAR spokesperson declined to confirm specific individuals who were no longer employed there. For more information on NASCAR, visit the official website here.
