Published on Sunday, July 19, 2020

More than 100 Helloworld stores close

Travel agency group Helloworld has revealed 125 of its franchise stores have closed down due to the Covid-19 pandemic.

The stores have shut down over the past few months since border closures and lockdowns began, and represents about 5% of its agent network.

The company made the revelation as it announced it raised $50m in new equity.

In an update to investors, total turnover value is only a fraction of pre-pandemic levels, although it is gradually improving and expects to see a sizeable increase in bookings from September.

With some domestic travel resuming corporate business bookings have started picking up.

Helloworld suspended franchise and marketing fees for a full year from April 1 2020 to March 31 2021 to help struggling franchisees.

"The company's diversified businesses, which include a mix of domestic and international leisure travel, corporate travel and wholesale travel operations, are positioned to benefit from a recovery in 2021 and 2022," Helloworld said in a stock market filing.

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