Helloworld Travel will stand down approximately 65% of its workforce and make 275 redundant.
In response to the “rapid de-escalation of international and now domestic travel”, Helloworld Travel will stand down approximately 1,300 or 65% of its HLO Group workforce across all countries.
These will commence from 5pm tomorrow for an initial period of 10 weeks to 31 May.
Helloworld Travel will also action 275 redundancies in various countries at an estimated cost of $1.4m.
All remaining personnel will be offered reduced working hours, with immediate effect, and this will be further assessed depending on work volumes in the weeks and months ahead.
The CEO and Executive Director will also take no salary for the next three and a half months to 30 Jun and direct reports to the CEO will have a further 15% reduction for the same period, making their total salary reduction 40%.
Helloworld Travel said demand for its services had declined and “is very unlikely to show any signs of recovery in the next four to six months”.
More in today’s edition of Travel Daily.