Flight Centre to shut one other 90 shops as border closures chew

Flight Centre to close another 90 stores as border closures bite

Loading

The firm stated it was already shifting its leisure enterprise in the direction of call-centres and on-line, and the extra closures would “reduce overlap between shops in higher density areas”, with 95 per cent of its prospects nonetheless dwelling inside 5 kilometres of a retail retailer.

“Without question, the past six months have been the most challenging period in our almost 40 years in business,” Flight Centre Travel Group Australian managing director James Kavanagh stated in a press release.

“We are incredibly sorry that some of our great people are not able to continue on their Flight Centre journey with us at this time but we are taking steps to preserve as many roles as possible for the future, while building a smaller but stronger overall network.”

Flight Centre stated the recent wave of closures will go away it with 332 branded shops. Including the corporate’s different manufacturers akin to Travel Partners, Student Universe and Travel Money the group it should have about 400 Australian shops, in comparison with 944 initially of the 12 months.

Flight Centre fell to a $662 million internet loss for the 12 months to June 30 after COVID-19 journey restrictions slowed its income to a trickle within the final three months of the 12 months.

The firm undertook a $700 million capital elevating and took on $200 million in recent debt in April to spice up its liquidity so it may make it by the prolonged pandemic shut down.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *