NASCAR layoffs cut 'less than 5 percent' of workforce including Daytona
Jan. 11--DAYTONA BEACH -- NASCAR officials confirmed multiple staff layoffs, including some at its Daytona Beach headquarters, on Friday.
The moves comes at a time when NASCAR is looking to acquire International Speedway Corp. and take the public company private.
"A little less than 5 percent of our total workforce was laid off today across our entire company," a NASCAR official confirmed on condition of anonymity. "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."
Team Volusia in 2017 estimated that NASCAR had 280 employees locally.
The comments came on the heels of multiple national media reports, including by the Associated Press, ESPN and Yahoo, that NASCAR was issuing "dozens of pink slips" on Friday. Associated Press reporter Jenna Fryer tweeted on Friday afternoon that, "The word on the street is about 50 people let go, some are people in competition with well-known names that the fan recognizes."
NASCAR responded to inquiries from The News-Journal about possible layoffs by issuing the following statement:
"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."
The Florida Department of Economic Opportunity requires companies planning layoffs of at least 50 employees at a single location, not counting part-time workers, to provide both workers and the state with at least 60 days advance written notice.
As of Friday, the state's Worker Adjustment and Retraining Notification (WARN) website did not include any notifications from NASCAR.
"We've received no notice, we've heard nothing," said Robin King, CEO of CareerSource Flagler Volusia, the regional workforce development agency that typically gets involved in assisting workers who are about to be laid off or are unemployed.
While NASCAR has had layoffs before, King said she does not recall ever receiving a WARN notification from the private company, which is primarily owned by the France family.
The headquarters for both NASCAR and International Speedway Corp. are located in the International Motorsports Center office building across the street from Daytona International Speedway.
ISC, which is led by CEO Lesa France Kennedy, owns the Speedway as well as several other motorsports tracks across the country.
NASCAR is led by Kennedy's uncle, chairman and CEO Jim France.
NASCAR on Nov. 8 confirmed it was bidding to acquire the remaining outstanding shares of ISC that the France family didn't already own with plans to merge the two into a single private company.
The NASCAR official who spoke with The News-Journal on Friday said the layoffs at NASCAR were not related to its bid to acquire and merge with ISC.
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