, or one-third of the company at the time, in late March.
Taggar laid out the reasons for the cuts in the blog post, explaining that the coronavirus will continue to challenge business travel, leading to projected revenue that's 55% percent of the company's original expectations. The company will also have fewer homes in its portfolio and has decided to return the PPP loan it applied for.
in six metro-areas around the country, including New York, catering specifically to business travelers. The company has direct partnerships with other companies, like scooter startup Bird, which use Zeus as a replacement for extended-stay hotels for employees.that Zeus was telling landlords that it wouldn't pay April and May rent and was asking landlords to switch from leases to revenue-share agreement.
"I'm very sorry," Taggar wrote in the blog post. "This is a decision I hoped we wouldn't have to make and is not how I wanted us to part ways. Zeus has been built not by the founders but by the sheer will, determination, and grit of remarkable people I care about and call my friends. I'm honored to have had the privilege of working, building, and learning alongside you and will forever be grateful.
"As an early-stage company fighting for longevity, we did everything we could to provide those being laid off with the most robust severance package possible," Taggar wrote. "We wish we could have done more to reflect your true value."Layoffs have hit the short-term rental world hard, with