Hilton Worldwide Holdings Inc. (HLT) has announced that it is cutting 2,100 corporate jobs globally as the travel and tourism industry came to a halt during the coronavirus pandemic.

The hotel chain also said it will extend furloughs, reduced hours, and corporate pay reductions for another 90 days.

The news comes as Hilton looks to boost its liquidity and reduce corporate spending through the cuts.

Christopher J. Nassetta, president and CEO at Hilton, said in a statement, "Never in Hilton’s 101-year history has our industry faced a global crisis that brings travel to a virtual standstill. Hospitality will always be a business of people serving people, which is why I am devastated that to protect our business, we have been forced to take actions that directly impact our Team Members."

Employees affected by the layoffs will receive severance pay from the company, in addition to outplacement support.

Hilton reportedly had about 9,600 corporate workers globally at the end of 2019.

Hilton stock was trading at $78.64 per share at 2:12 p.m. EDT, up $1.21 from 1.56%.

Hilton Hotels
An exterior shot of the Hilton Midtown in New York on June 7, 2013. Reuters/Andrew Kelly