The company is looking to disestablish 45 full and part-time positions, which represents a 60 percent reduction in permanent staffing. Casual positions will look to be retained but are unlikely to receive any form of work until October this year at the very earliest.
This comes after the city council-controlled company said in a statement supplied to Star News last month a "substantial downsizing" of its staff was inevitable.
After assessing the events environment, Vbase has concluded recovery to pre-pandemic levels will take 12 to 18 months.
"This is a direct response to Covid-19 and the associated public health response which stopped events from 17 March resulting in a 100 percent loss of revenue," the statement read.
"While the outlook remains uncertain, we anticipate border restrictions, and public assembly and social distancing requirements to have a prolonged impact on the events market.
"When venues can reopen for business, the longer-term recessionary economic outlook is also expected to affect event attendance and therefore event viability. Pent up public demand for events is not expected to be sufficient to offset these negative forces."
The company said it would be making no further comments on the matter until a final decision was made.
Vbase is responsible for the management of the Christchurch Town Hall, Horncastle Arena, Air Force Museum of NZ, Orangetheory Stadium and Hagley Oval.
The decision to slash its workforce comes almost a month after Dunedin Venues Management Ltd confirmed it had to reduce its workforce from 32 to 16.
