""It's been a brutal 15 months for anyone associated with the cruise ship industry," Fain said."
"Royal Caribbean had 'substantial debt' to the tune of $18.9 billion at the end of 2020, according to its annual report."
"Last year, its revenue fell to $2.2 billion, down from $10.9 billion from 2019."
"The company cut or furloughed about 23% of its U.S. shoreside employees last year and instituted a hiring freeze across the organization."
Royal Caribbean Cruises has experienced severe financial difficulties due to the pandemic, resulting in a multibillion-dollar loss and substantial debt of $18.9 billion by the end of 2020. Revenue plummeted from $10.9 billion in 2019 to $2.2 billion in 2020. The company has furloughed or laid off 23% of its U.S. shoreside employees and implemented a hiring freeze. To stabilize, Royal Caribbean sold its Azamara luxury brand for $201 million, focusing on its core business amid ongoing challenges in the cruise industry.
Read at Fortune
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