Ticketing platform StubHub has put 450 employees on unpaid leave until as late as June, as coronavirus cancels concerts, games and other live events

News
StubHub

Ticketing platform StubHub has placed hundreds of its employees on temporary unpaid leave until at least June, Business Insider has learned.
A StubHub spokesperson confirmed the news, writing that the impact of the coronavirus on the live-events industry had prompted “the difficult but responsible decision to furlough a portion of our employee base.”
The news comes less than a month after European secondary ticketing marketplace Viagogo finished its acquisition of StubHub from eBay.
Visit Business Insider’s homepage for more stories.

Secondary ticketing platform StubHub has furloughed two-thirds of its North American workforce, leaving few full-time employees still working at the secondary ticket marketplace amid the coronavirus pandemic.

Around 450 StubHub employees have been asked to take an unpaid leave of absence that could last until June, Business Insider has learned.

“Given the impact of the coronavirus on the live-events industry, we have made the difficult but responsible decision to furlough a portion of our employee base,” a StubHub spokesperson told Business Insider. “We continue to support our customers and partners and look forward to a time when we are able to return to the joy of live events and the special, human connections that come with them.” StubHub declined to give or confirm details of the number of workers placed on leave.

The news would leave StubHub’s workers under foreign work visas in an special bind – the US immigration office doesn’t recognize unpaid leave as employment, placing foreign workers under a tight timeline to find a new job or leave the country in the event the furlough lasts longer than 60 days.

Navigating coronavirus a month after acquisition

StubHub, the largest global secondary ticketing marketplace, brought in $1.06 billion in fees last year, according to its old parent company eBay’s annual report. But the coronavirus outbreak has brought business to a screeching halt.

Over the past few weeks, hundreds of event cancellations have hit the San Francisco-based company hard. As of March 12, the company announced that it would give event attendees full refunds to cancelled events. Customers could alternatively opt to receive a StubHub coupon worth 20% more than the value of their original purchase.

The timing also isn’t great for StubHub or its new parent Viagogo, a European-based ticketing platform which just completed the final steps in acquiring the company from eBay for $4.05 billion last month. The acquisition brought the company back under the control of its cofounder Eric Baker, now the CEO at Viagogo, and was intended to dramatically grow the company’s market.

SEE ALSO: Apple’s former CEO thinks the coronavirus shift to working from home will see airlines and hotels permanently rethinking business travel revenue expectations

Join the conversation about this story »

NOW WATCH: 62 new emoji and emoji variations were just finalized, including a bubble tea emoji and a transgender flag. Here’s …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *