Travel Agency Flight Centre to Shutter 800 Storefronts as Part of $1.2 Billion Savings Effort
Skift Take
This cost-cutting package could be one of the largest we'll see in this crisis. On paper, the cuts look like they'll be enough, but there will be collateral damage to its brand with so many shop closures.
Flight Centre Travel Group plans to close 800 retail stores, among other measures, in a bid to slash costs over the coming months. Some 40 percent of those closures involve agencies based in Australia.
It said a raft of actions could save it $1.2 billion, while it also seeks to raise $425 million through a new equity raising or offer.
The late
