Bristol Motor Speedway
Speedway Motorsports, owner of BMS, announces job cuts, furloughs
Apr 15, 2020 at 4:07 PM
Speedway Motorsports, which owns Bristol Motor Speedway and seven other tracks, announced Wednesday the elimination of 180 positions and 100 additional employees furloughed due to the shutdown caused by the COVID-19 pandemic.
The company released the statement below, but said no information on a track-by-track basis or additional statements will be issued at this time.
“The extraordinary circumstances presented by this pandemic and the subsequent shutdown of the economy have had a significant impact on our business. Since the beginning of the shutdown four weeks ago, we have kept our entire team on full pay while our properties remained dormant.
“In that time, it has become clear that we must be a more nimble, more efficient organization. As such, we have made the difficult decision to restructure our business and eliminate many duplicate positions.
“Unfortunately, part of this restructuring includes eliminating approximately 180 positions across all departments at our speedways and subsidiaries. Approximately 100 additional employees have been furloughed. These decisions were not easy. Our company is providing a severance package to each person affected by job eliminations.”
NASCAR Cup Series races at Atlanta, Texas and Bristol, including the Food City 500 originally scheduled for April 5, have been postponed. The NASCAR All-Star Race and Coca-Cola 600 at Charlotte Motor Speedway are tentatively scheduled next month.
The cutbacks come less than two weeks after NASCAR announced layoffs and across-the-board pay cuts. The Speedway Motorsports statement promised to continue community support during the pandemic.
“This reorganization positions us to move forward at that time and well into the future. In the meantime, our staff will continue to maintain our facilities in preparation for the event days ahead and support our community with outreach efforts during this time of need.”