Japan’s H.I.S. Co closing dozens of travel agencies
Major Japan travel group H.I.S. Co. will close about one third of its travel agency locations across Japan as it implements wholesale cost-cutting measures.
Up to 90 outlets will close, it said.
It has been hit hard by the effects of the coronavirus pandemic, with the number of Japanese travellers taking overseas trips in April plunging by 99.8%.
It posted a net half-year loss of 3.45 billion yen ($32.19 million) representing its first loss on an interim basis since going public in 2002.
H.I.S. chairman Hideo Sawada cited a high volume of package tour cancellations, with a negative outlook for the rest of the year.
The firm has declined to give a full-year earnings forecast.
By slashing staff and advertising costs, the company hopes to save about 20 billion yen this year.
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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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