Expedia Will Reduce Its Workforce By 8% As Part Of A Restructuring Initiative

(CTN News) – As part of its recent restructuring effort, Expedia Group said on Monday that it will cut around 1,500 jobs, which amounts to approximately 8% of the total number of employees in the company.

At the end of the last year, the company, which aggregates travel fares and provides a platform for users to book flights and accommodations, had about 17,100 employees in more than 50 countries across the globe.

There are a number of Group brands, including Expedia.com, Hotels.com, Orbitz, Hotwire, and Travelocity, all of which are operated by Group.

They also serve as the parent company of Expedia.com.

Earlier this month, Expedia Group said in a regulatory filing that it expects the restructuring to result in a total pre-tax charge and cash outlay of approximately $80 million to $100 million, the majority of which will come from employee severity and compensation benefits.

A spokesperson from Expedia Group told FOX Business in a statement that since many of the significant technical milestones of Expedia Group’s transformation have recently been completed, the business has been assessing the appropriate allocation of resources to ensure the most important work continues to be prioritized.

Consequently, this year we will be reviewing our operations across the globe, which we anticipate will result in approximately 1,500 jobs being affected across the globe as a result of the review.” according to the statement.

As a result of this review, some positions will be eliminated, but the company will also have the opportunity to invest in core strategic growth areas that will allow it to grow in the future.”

“Consultation with local employee representation, where possible, will take place before any final decisions are made,” the company stated in its statement.

As a result of Monday’s trading session, the share price of Expedia Group fell by nearly 1% – despite rising by about 0.67% in after-hours trading.

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