After struggling this year because of limited snow and a falloff in visitors, ski resort operator Vail Resorts (MTN) announced a “transformation plan” that includes layoffs. Shares slumped as the company also reported a bigger loss for the fourth quarter.

Vail Resorts explained that it was launching a two-year plan that it said would “transform the company for future growth and global expansion.” As part of that effort, Vail Resorts will slash 14% of its corporate workforce and less than 1% of its operational positions. The total layoffs will comprise less than 2% of its employees.

Move ‘Paves the Way for the Next Phase of Growth’

The company added that the steps are “designed to improve organizational effectiveness and scale for operating leverage as the company grows.” Chief Executive Officer (CEO) Kirsten Lynch added that Vail Resorts believes “this is a natural progression and next step for our company, that builds upon our success and paves the way for the next phase of growth.”

The news came as Vail Resorts reported a fourth-quarter loss of $4.67 per share, 39% bigger than a year ago and wider than the per-share loss of $4.20 expected by analysts polled by Visible Alpha.

The company noted that the weak results were primarily caused by underperformance in its Australian winter business, as snowfall at the resorts in that country declined 28% from the previous year. 

Vail Resorts shares fell 4% Friday morning and are down about 15% year-to-date.