Virginia International Terminals lays off one-fifth of workforce
Virginia International Terminals (VIT), the tax-exempt affiliate that operates the marine terminals and inland port of the Virginia Port Authority, announced that it is laying off 90 employees, or one-fifth of its work force, because of falling revenue and container volume, the Virginian-Pilot reported
The layoffs are the first for the organization since its incorporation 28 years ago, according to VIT.
"For more than a year, VIT has taken every cost-cutting step imaginable to avoid job losses," said Joseph Dorto, VIT's CEO and general manager.
"Unfortunately, the sustained recession in global markets has overtaken VIT, and we are no longer able to financially support our current operating model."
Additional layoffs are not expected, Dorto said. "I think we've got the business right-sized at this point," he said.
The layoffs are the first for the organization since its incorporation 28 years ago, according to VIT.
"For more than a year, VIT has taken every cost-cutting step imaginable to avoid job losses," said Joseph Dorto, VIT's CEO and general manager.
"Unfortunately, the sustained recession in global markets has overtaken VIT, and we are no longer able to financially support our current operating model."
Additional layoffs are not expected, Dorto said. "I think we've got the business right-sized at this point," he said.