Travelzoo closing loss-making Asia business
Travel deals platform Travelzoo will exit Asia Pacific after several years of struggles in the region.
Losses for the past two years in APAC have wiped out much of the gains from the strong North America and Europe businesses.
It announced a revenue decline of 12% in Asia during an earnings call earlier this month, and had consistently said it would pull the plug in Asia if it cannot create ‘shareholder value’ by 2020.
"Unfortunately, the uncertainty about economies in Asia Pacific does not, in our opinion, allow us currently to deliver the shareholder value within the promised timeline and without further operating losses from this segment," said Travelzoo global CEO Holger Bartel.
Last year the APAC business accounted for 5.7% of Travelzoo’s global revenue.
By ditching APAC, it will significantly improve earnings per share, and will not have ‘any negative impact on our continued business,’ Holger said.
Travelzoo will now focus on the profitable North America and Europe businesses as well the recently acquired Jack’s Flight Club subscription service.
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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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