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The furloughs and layoffs have taken place in both the US and in Canada, at the president’s properties in New York, D.C., Miami, Chicago, Las Vegas, Vancouver, and Honolulu, according to the report. More than 200 of the layoffs occurred at the president’s hotel in Vancouver, and 75% of the employees at his Chicago hotel were laid off.
The layoffs were first reported on Friday by The Washington Post. According to the report, 17 Trump properties around the world have been closed due to the novel coronavirus. The properties that remain open are running at a “fraction” of their normal capacity, The Washington Post reported.
Combined, the closed properties generated about $650,000 each day for the organization, according to the president’s previous financial disclosures, the Washington Post said.
According to a Thursday report from The New York Times, the Trump Organization reportedly reached out to Deutsche Bank at the end of March to ask if they could delay payments of some of the “hundreds of millions of dollars of outstanding loans,” they’ve taken from the bank.
Over the course of the month, Trump properties will owe more than $1.8 million in property-tax bills from local jurisdictions, The Washington Post reported.
The Trump Organization has not paid $54,534.25 in rent — due April 1 — on land leased from Palm Beach County for the Trump International Golf Club West Palm Beach, a county representative told the Washington Post. The DC paper reported the company has until April 10 to pay the rent without penalty.
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Article URL : https://www.businessinsider.com/trump-organization-laid-off-1500-and-closed-17-properties-2020-4