Carnival Corp layoffs

Carnival Corp. on Thursday said it will strengthen liquidity
by doing a combination of layoffs, furloughs, reduced work weeks and salary reductions.

“These moves will contribute hundreds of millions of dollars
in cash conservation on an annualized basis,” the company said in a statement.

Carnival said employees will be affected across the entire company,
including senior management.

Carnival Corp. temporarily suspended cruise operations in
mid-March. The company said workforce changes were largely placed on hold to “forestall
the financial impact on employees while still meeting it fiscal
responsibilities.” Royal Caribbean Cruises Ltd. announced layoffs and furloughs a month ago.

Carnival Corp. said it continues to pay commission on
canceled cruises and on future cruise credits when guests rebook.

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