Drive Shack Inc., has temporarily closed each of its Drive Shack venues and the majority of its American Golf courses as a result of the Covid-19 pandemic.
“Over the past several weeks, we have been navigating the rapidly evolving situation related to the Covid-19 outbreak, keeping the health and safety of our associates, managers and guests top-of-mind. Like other venue operators across the country, we have been forced to take immediate action in the most difficult of ways,” said Hana Khouri, chief executive officer and president of Drive Shack.
Alongside the venue and course closures, Khouri said Drive Shack has furloughed “nearly all’’ venue level hourly associates and managers, along with a significant number of the corporate team, with the expectation that each will be able to return to their existing positions when operations resume.
The majority of the company’s golf courses – some owned by most managed by American Golf are located in California and New York, two of the states hardest hit by the virus.
Drive Shack employs more than 4,500 people in the U.S., most of whom are hourly-wage employees. The company reported a loss of $67 million in 2019. Its stock price hit a 52-week low of 86 cents per share this past March 19. It was trading today as high as $1.65 per share.