If nobody is flying, then nobody is buying duty-free. Dufry Group
, the world’s largest travel-retail operator, announced today a global restructuring program to help allay the consequences of the coronavirus pandemic. The Basel, Switzerland-based company said the program will reduce personnel expenses 20-35% between June and October, taking into account the different possibilities of full-year sales declines, which could range from 40-70%, as announced last month.
Also in May, Dufry said its sales in April, in reported terms, declined 94.1% due to widespread travel restrictions, and the group withdrew its full-year guidance for 2020, citing low visibility.
Today, Dufry said the program will include early retirements, hold-backs of seasonal staff employment, contributions from government support schemes and a reduction of jobs in all levels of the organization and geographical locations.