The Flight Centre Travel Group (ASX:FLT) is to stand down around 6,000 support and sales roles either temporarily or permanently, including 3,800 people in Australia.
They have a three-pronged plan in place to tackle a prolonged downturn in demand brought about by the unprecedented restrictions that governments globally have imposed recently on domestic and international travel.
This has been reflected in Flight Centre’s total transaction value (TTV) is tracking at 20-30 per cent of normal levels globally this month.
Based on these heightened restrictions, further TTV declines are likely in the coming weeks.
Shares in the Flight Centre Travel Group (ASX:FLT) last traded at $9.91.