Some travel businesses are getting creative to support otherwise displaced workers in a depressed travel environment. From Flight Centre, which is in discussions with other employers that could use temporary call-center support, to Upside Business Travel, whose employees are circulating the idea to "rent out our sales team," travel companies are seeking alternatives to more draconian labor actions.
Online travel management company TripActions, which has raised nearly a half-billion dollars since its founding in 2015, laid off employees on Tuesday, the company confirmed.
Amadeus on Monday alerted investors it has "adopted a set of measures to protect its liquidity, to enhance its financial flexibility and to support its cash generation in a scenario where the current tough market conditions persist over a long period of time."
Sabre is cutting $200 million in costs this year through employee salary cuts, voluntary leave packages and other actions, the company announced Friday.
As the coronavirus crisis continues, more airlines will go bankrupt, some will turn to consolidation and "some will completely disappear," Lufthansa Group CEO Carsten Spohr said Thursday during a call with investors and analysts.
From government financial aid with multibillion-dollar price tags to leniency from suppliers and business partners, travel agencies around the world are begging for relief from the unfolding damage the coronavirus outbreak is wreaking on business.
President Trump's surprise announcement Wednesday night of a 30-day ban on non-U.S. travelers entering from the European Union's Schengen Area, compounded by growing public anxiety over the coronavirus outbreak, brought an already-limping corporate travel industry to its knees.