Thaindian News

NASHVILLE, TENNESSEE (BNO NEWS) – Gaylord Entertainment Co. will lay off more than 1,700 employees on June 12 as a result of the impact caused by the historic flooding in Nashville, Gaylord Entertainment Company announced on Wednesday.

The Gaylord Opryland and other facilities in Nashville were heavily damaged by flooding on May 2 and 3. The company is currently conducting restoration efforts following the damages suffered in its Nashville-area facilities.

“Our Nashville-area assets have been stabilized and we have a large group of contractors and experts working diligently alongside our management team to get us back to business as soon as possible,” said Colin Reed, chairman and chief executive officer of Gaylord Entertainment.

The total cost for the renovation and rebuilding works will range from $215-$225 million. The Gaylord Opryland facility was the most damaged and its renovation will cost around $165 to $172 million. The grand reopening of the damaged facilities is scheduled for next November.

Unfortunately, Gaylord Entertainment will be forced to release 1,743 employees, effective on June 12. Gaylord will provide to the affected workers, two weeks of pay, plus payment for any unused vacation days.

“We are deeply sorry to have to make this incredibly difficult decision, as our employees are and have always been the driving force behind the success of our business. The cost of this disaster has meant that we have to balance the future of our business and our fiduciary duty to our shareholders with the duty we have to our employees,” said Reed.

“We are grateful for everything our employees have done to make Gaylord Opryland a wonderful place to work and visit, and thank them for the courage and commitment they have shown over the last month. Our people are what make Gaylord so different from every other hospitality business out there.”