SeaWorld to Cut 320 Positions

SeaWorld Entertainment Inc. said Tuesday it would lay off 320 employees as part of a restructuring and cost-cutting initiative as it continues to plan for a post-Orca future.

In March, SeaWorld said it would stop breeding killer whales, as known as Orcas, and cease its theatrical shows featuring them, as heavy public scrutiny in recent years pressured attendance. SeaWorld has said it wants to highlight its animal-rescue efforts and add more educational and advocacy work to its parks.

Tuesday, the company called the layoffs "unfortunate, but necessary."

The restructuring program across the company's 12 parks aims to reduce costs, increase efficiencies and improve the company's operations.

Tuesday's moves are part of a cost-cutting plan the company unveiled in November that aims to reduce costs by about $65 million, with targeted $40 million in net savings by the end of 2018.

The shift away from orcas won't happen quickly-the company has nearly 30 killer whales and it says they typically live up to 50 years.

Shares of SeaWorld fell 1.3% in morning trading.

Write to Austen Hufford at [e-mail]

(END) Dow Jones Newswires

December 06, 2016 12:45 ET (17:45 GMT)

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