In an exchange filing, the company said that it is undertaking a series of right-sizing and cost-saving exercises that has affected 10 to 15% cent of its global workforce.
The development was first reported by The Straits Times which said that the company is laying off about 30% of its workforce in Singapore. The company employs 11,000 staff across 47 hotels under various brands. In its home country, the company has around 180 people in its headquarters.
A Banyan Tree spokesman told The Straits Times that firms like Banyan Tree have borne the brunt of the pandemic. She said: “International travel has ground to a halt, so what reason do people have to stay in hotels for travel or business reasons?”
In a blog post, TripAdvisor CEO and Co-Founder Stephen Kaufer announced that the company would be reducing its workforce in light of the COVID-19 pandemic.
The layoffs will reduce the company by 900 employees — nearly a quarter of its workforce. Of the cuts, 600 are from TripAdvisor teams in the U.S. and Canada.
