Flight Centre has announced that it will close around 428 Australian stores by the end of July 2020, as it scrambles to mitigate the economic fallout as a result of the COVID-19 crisis.
The company announced yesterday that the store closures were necessary, along with other cost cutting measures, as Flight Centre endeavours to reduce annual costs by $1.9 billion.
“It is, without question, the most challenging period we have encountered in over 30 years in business and it is inevitable that some businesses across our industry will fail, given the significant loss of revenue that they will be experiencing now and for at least the next few months,” said CEO Graham ‘Skroo’ Turner.
Flight Centre is also seeking $700 million from investors to help keep the company afloat.
