Travel Agency Flight Centre to Shutter 800 Storefronts as Part of $1.2 Billion Savings Effort

Flight Centre’s retail footprint will be reduce by half in the new measures proposed.

Skift Take: This cost-cutting package could be one of the largest we’ll see in this crisis. On paper, the cuts look like they’ll be enough, but there will be collateral damage to its brand with so many shop closures.

— Matthew Parsons

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South Korea’s Mirae Asset Scraps $6 Billion U.S. Hotel Deal With China’s Anbang

Thomas Peter / Reuters

A general view shows the headquarters of Anbang Insurance Group in Beijing, China, February 23, 2018. Mirae Asset scraps $5.8 billion deal to buy U.S. hotels from China’s Anbang. Thomas Peter / Reuters

Skift Take: Mirae is probably experiencing a bad case of buyer’s remorse as the coronavirus pandemic takes a huge bite out of Anbang’s asset values. Such disputes over deals made in a pre-Covid era are not the first, and they won’t be the last.

— Xinyi Liang-Pholsena

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A Recovery Timeline and 25 Other Top Cororonavirus Stories This Week

Walks

Girl on a Mobike bike in the line for street food shops in Wuhan China. Walks

Skift Take: In travel-related coronavirus stories this week, Skift covered potential recovery timelines, layoffs at Tripadvisor and Kayak, Aribnb’s vision of an era of travel redistribution, lessons for hoteliers from 9/11 and SARS, and Hilton’s partnership to enhance its cleaning protocols, among many other topics.

— Dennis Schaal

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