Travel companies are easing their forecasts for 2024 in a sign that demand is expected to grow more slowly this year. The American travel and tourism company Expedia Group intends to lay off about 1,500 employees as part of an institutional and technological restructuring process, as reported. Reuters”.
Travel companies are lowering their forecasts for 2024, indicating that demand is expected to grow more slowly this year. Last week, Booking Holdings expected bookings growth to slow in the first quarter and the full year as travel demand in the United States returns to normal.
The company expected that the restructuring operations would result in a reduction in the workforce affecting about 1,500 employees. Notification of employees covered by the procedures has already begun as of February 26. The company expects the total cost of the restructuring process during the current year to reach between 80 and 100 million dollars.
The company said that this cost includes end-of-service benefits and compensation for employees who will be laid off. Earlier, Expedia Group announced the intention of CEO Peter Kern to retire on May 13, but he will remain in the company as Vice Chairman of the Board of Directors.
