TravelCenters of America to furlough 2,900 field and 122 corporate employees over coronavirus
Date: Monday, April 20, 2020
Source: Market Watch
TravelCenters of America Inc. TA, -2.76% said Friday it is furloughing 2,900 field employees and 122 corporate employees after it was forced to close many of its its full-service restaurants because of the coronavirus pandemic. The Westlake, Ohio-based company, said its TA, Petro Stopping Centers and TA Express travel centers remain open, providing fuel, showers, restrooms, quick-serve restaurants and convenience stores for drivers, but stay-at-home orders in many states have closed or limited its restaurant service and greatly reduced customer demand. The company said all furloughed employees will receive benefits and be eligible for health care based on their plan, and will be eligible to apply for enhanced jobless benefits under the CARES Act. "This decision was very difficult, but these are unprecedented times," Chief Executive Jon Pertchik said in a statement. Shares were not active premarket, but have fallen 51% in the year to date, while the S&P 500 SPX, -0.42% has fallen 13%.