Hudson parent-company Dufry said this week it is implementing a restructuring program to mitigate the consequences of the COVID-19 pandemic that aims to reduce personnel expenses by 20 percent to 35 percent.
“The reduction in personnel expenses includes early retirements, hold-backs of seasonal staff employment, contributions from government support schemes as well as the reduction of positions across all organizational levels and geographies,” the Basel-headquartered company said in a statement. “Due to consultation procedures in several countries, it is currently not possible to provide details on the number and locations of the positions concerned.”
In an update to analysts last month, Dufry warned of potential sales declines of between 40 percent and 75 percent.
The company, which operates more than 2,400 shops in 65 countries, said it will implement these restructuring measures between now and October 2020.