Credit: Christopher Pearce Flight Centre has slowed its cash burn by either standing down or laying off around 70 per cent of its 22,000-strong workforce, and … Flight Centre said it will look to transfer staff to nearby shops. It also highlighted that 70% of its workers were either put on stand down, furloughed, or made redundant.The company worked to cut down its costs by selling its Melbourne office, securing a government-backed loan in the UK and getting the JobKeeper subsidy. Flight Centre is cutting 800 stores and raising $700 million to help it ride out a bleak scenario of the coronavirus throttling the travel industry for 18 months. "Flight Centre chief executive Graham "Skroo" Turner flagged deeper staff hits, depending on government packages globally such as "Property and people costs will have to come down more," he told The company last month flagged closing 35 per cent of stores globally. Investors deserve the best chance to extract value from this mess. "We ask consumers to remain patient and be mindful of the significant pressures on businesses at this time and, where possible, contact the business by email or website, rather than by phone. "Given the scale of the crisis ... we see elevated risk around the magnitude of debtors" in the retail and corporate arms worth about $543 million, and in bonuses for mass sales worth about $330 million, he said.Mr Turner said the company was generally confident in collecting debts.The pandemic was the toughest challenge Flight Centre had faced "and it is inevitable that some businesses across our industry will fail, given the significant loss of revenue", he said.But Flight Centre flagged the possibility of being in a stronger condition than rivals and being able to access good store sites if required when the pandemic eased.The company said some work, including charter operations, was ongoing. He quickly recognised the kitchen benchBehind the closed doors of Victoria's lockdown, mental health workers are seeing devastating impacts'Everyone is just gutted': Fire rips through NSW border town's only supermarketThe Catholic school system that takes from the poor to give to the richNSW records 17 new COVID-19 cases, only one in hotel quarantineLive: Cormann distances Government from Abbott's coronavirus commentsVictoria records 90 new coronavirus cases and six deathsBehind the closed doors of Victoria's lockdown, mental health workers are seeing devastating impactsAnalysis: As Trump toured burnt-out businesses in Kenosha, he reinforced his law and order message'Everyone is just gutted': Fire rips through NSW border town's only supermarketEdward saw a photo of a driver's licence in a data breach story. This would happen at a company that Mr Drew said had managed to avoid raisings since 2007. Flights. Now the target is 50 per cent. Flight Centre Travel Group (FCTG) unveiled its year-end results for its 2020 fiscal year today (Aug. 27), and they indicated an optimistic future for its corporate brands FCM Travel Solutions and Corporate Traveller despite a major downturn in the travel industry. "Ms O'Connell addressed concerns about Flight Centre's health "We announced [via the Australian Securities Exchange] on April 6 that we had taken very positive steps to strengthen our long-term liquidity position and were well placed financially to weather a prolonged downturn in demand resulting from restrictions on travel and trading," she said.This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced.Space to play or pause, M to mute, left and right arrows to seek, up and down arrows for volume.Can't get a refund on your cancelled trip? Ailing travel firm Flight Centre will permanently close 40 per cent of its Australian stores by the end of July as the economic fallout from the deadly COVID-19 pandemic escalates. Flight Centre … "It’s part of our long-term survival strategy. TTV had also been tracking at record levels through to February 29th, before decreasing significantly in March.Charlene Leiss, president of Flight Centre Travel Group Americas, said of the results: “Our earnings for the first half of the year speak to our robust product offering, our unmatched expertise and superior customer service that appeal to travelers around the globe.”Leiss continued: “What they don’t show you is the commitment, passion and fortitude of our nimble team.
The news comes after Flight Centre … “While this represented about 7% of the prior year result, the company had conservatively anticipated a zero-revenue scenario in its initial liquidity modelling,” Flight Centre said.Most of the revenue the company has gained during the lockdowns has come from its corporate travel businesses, as essential services are allowed to continue.
The corporate divisions recorded strong first half growth and were on track to top $10billion in TTV before industry-wide activity slowed significantly from March.Prior to the Coronavirus outbreak, FCTG had achieved $150million in global profits (including both its corporate and leisure businesses), for the first eight months of the fiscal year. Latest News Flight Centre Travel Group Launches Giving Bank Program to Help Staff in Times of Need The Flight Centre Travel Group (FCTG) has unveiled an innovative new program that allows its people to share sick leave entitlements with colleagues who are in need.
There’s not a lot of choice really. But Monday's move also causes pain as Flight Centre’s existing shareholdings are diluted in a massive capital raising. Best in the air; See all Flights.
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