Travelbyus and its various subsidiaries have completed a reduction in force that resulted in the elimination of 51 positions.
Travelbyus and its various subsidiaries have completed a reduction in force that resulted in the elimination of 51 positions. The reduction represents approximately 45% of the Company`s employees.
These actions are a direct result of the adverse effects on the demand for vacation travel caused by the weakening economy in the aftermath of last month`s terrorist attacks on the United States.
The primary job cuts centered on the Reno reservation center, but also affected employees at other levels of the Company, including management, technology and back office support.
In addition, the Company will further reduce operating costs by consolidating certain office locations and discontinuing its wholesale product division.
The staff and facilities reductions are necessitated by the Company`s need to align operational expenses with projected revenues. The changes are designed to eliminate non-core business segments that fail to generate revenues in excess of operational expenses. The Company will focus on its primary business of maximizing preferred vendor revenues by delivering marketing, technology and other services to its travel agency distribution network. In addition, the Company will seek opportunities to expand the market share of its Cheap Seats air consolidator segment.
Travelbyus is a vertically integrated travel company. Through the use of proprietary technology, the Company`s website links its unique travel packages and services to its member travel agencies and consumers. Its patent pending business model enables it to offer the right product to the right customer at the right time.