Helloworld announces redundancies, temporary layoffs
Travel firm Helloworld is downsizing its workforce as the Australia travel advisory all but decimates the outbound travel market.
It is making 275 redundant and standing down an additional 1,300 workers for at least ten weeks.
That amounts to 65% of the company’s workforce.
"Given the rapid de-escalation of international and domestic travel, demand for our services has declined and is very unlikely to show any signs of recovery in the next four to six months," it said.
Helloworld’s share price has plunged a massive 82% since the beginning of the year.
It plans to slash operating costs by 80%.
Rival Flight Centre has cancelled a $40.1 million interim dividend payment due to be paid to shareholders next month, and is closing stores across the country.
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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.
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