Travelex, the currency exchange group, has axed more than 1,300 jobs in the United Kingdom, blaming the move on the financial fallout from the coronavirus pandemic and a cyber attack.
Financial company PwC, brought in by Travelex to advise on how to remain afloat, said late Thursday, August 6, that a restructuring deal had been struck to provide £84 million in fresh funds. "Unfortunately, as the majority of the UK retail business is no longer able to continue trading, it has regrettably resulted in 1,309 UK employees being made redundant," said Toby Banfield, one of three PwC administrators overseeing the case.
"The impact of a cyber attack in December 2019 and the ongoing COVID-19 pandemic this year has acutely impacted the business," PwC added in a statement.Prior to the coronavirus outbreak, Travelex was hit hard by a cyber attack on New Year's Eve.Meanwhile with a strong presence in airports around the world, Travelex has suffered further losses as the bulk of planes remain grounded by the virus outbreak.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US lifts advice to avoid all foreign travel due to pandemicThe United States on Thursday lifted a warning to its citizens to avoid all foreign travel due to the coronavirus pandemic, pointing to imp...
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Researchers have estimated coronavirus transmission risk for rail travelThe study’s authors found that for passengers seated less than three rows (lengthwise) and five columns (from front to back in the train) from an infected person, between 0 and 10.3% caught the virus. Can't understand this... '... less than three rows (lengthwise) and five columns (from front to back in the train)...' anyone? Nasusunod ba into sa MRT?
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Most airlines expect job cuts over next 12 months – surveyAn IATA survey shows some 45% of airlines reported having already reduced their staff numbers in the 2nd quarter of 2020.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Most airlines expect job cuts over next 12 months—surveyMost airlines are considering downsizing their staff over the next 12 months due to the coronavirus crisis, the International Air Transport Association said Wednesday, citing an internal
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Researchers have estimated coronavirus transmission risk for rail travelThe study’s authors found that for passengers seated less than three rows (lengthwise) and five columns (from front to back in the train) from an infected person, between 0 and 10.3% caught the virus. Can't understand this... '... less than three rows (lengthwise) and five columns (from front to back in the train)...' anyone? Nasusunod ba into sa MRT?
Source: inquirerdotnet - 🏆 3. / 86 Read more »
Tennis: US Open winners face $850,000 pay cut as virus bites
Source: ABSCBNNews - 🏆 5. / 83 Read more »