Flight Centre closing hundreds more stores
Flight Centre will permanently close more than 400 Australian stores from the end of July as it faces the ‘most challenging period’ in its history.
According to the Australian Financial Review, it may be as many as 800 stores in total.
The travel group announced a $700 million capital raise from institutional investors and existing shareholders to shore up its finances, and also secured $200 million in debt from lenders.
Transaction volumes are currently only about a fifth of normal levels, and has already temporarily stood down about 6,000 workers globally.
"It is without question the most challenging period we have encountered in over 30 years in business and it is inevitable that some businesses across our industry will fail," Flight Centre MD Graham Turner said.
"With this funding in place and additional liquidity, we are in a much stronger position and are well placed to weather a prolonged downturn."
Flight Centre said it is trying to renegotiate rent payments on stores and could sell its Melbourne head office building.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
TAP Air Portugal to operate 29 flights due to strike on December 11
Qatar Airways offers flexible payment options for European travellers
Airlines suspend Madagascar services following unrest and army revolt
Air Mauritius reduces frequencies to Europe and Asia for the holiday season
Major rail disruptions around and in Berlin until early 2026