TicketNetwork Trying To Keep Staffers Despite Plummeting Market

SOUTH WINDSOR, CT — Ticket Network Chief Executive officer Don Vaccaro said this week that the company is trying to avoid staff layoffs, despite events like concerts and sporting events on hold amid coronavirus concerns. The move, if it can be sustained, positions the secondary ticket market giant to be ready for the anticipated fenzy once live entertainment restrictions are lifted, he said.

In a company e-mail distributed Monday, Vaccaro announced a large-scale cost-cutting effort designed to streamline operations to, as communications director Sean Burns said, "weather the immediate storm."

It impacts more than 500 staffers at the South Windsor-based company, who are keeping their jobs despite sales being off by more than 90 percent compared to previous years, Vaccaro said.

Burns said a "handful of contract workers" have been let go, but TicketNetwork has not laid off or furloughed staff members.

Vaccaro said senior staff members "making above a certain threshold" have agreed "unanimously" to have their pay temporarily cut, "saving the company thousands of dollars every day." Management has "worked hard to make cuts to expenses wherever possible, making for additional savings," he said.

Vaccaro said TicketNetwork is also "taking advantage of some loans available at the state and federal level."

He added, "We are treating further staff cuts as a measure of last resort. Staff were made aware of these changes and our hopes are that we can turn the corner on this once things get back to business. We also must be informed that the reality is that we don't know what coming months will bring and we face a very real threat to not only our business, but the entirety of the live entertainment sector. Tough decisions are being made every day.

"We asked a lot of senior staff to make a sacrifice to help us find a way through this. Every single one agreed. They showed how much we value our staff and put others first. I cannot express how proud I am of our organization."

Vaccaro said it's a risk, but the idea is to be ready for a flurry of ticket orders once order is restored in the market.

"During the next few weeks, our focus as a company is going to be on strategies to come back from this stronger than ever. We want to be able to move quicker, reduce expenses, and make the most of the opportunities that await once everybody gets back to business," he said. "Many of our competitors are doing things differently in this crisis. But rather than take the easy way by slashing our staff, we are making that a measure of last resort. We believe this approach is going to leave us well positioned to grow for our clients and customers in 2020 and beyond."