Swedish-owned Stena Line recently announced that it plans to furlough 600 employees and make 150 redundancies across the UK and Ireland. This is a sign of things to come in the days ahead for the cruise industry, says a leading data, and analytics company.
Ben Cordwell, Travel and Tourism Analyst comments: “Making redundancies are one of the hardest decisions a company will have to make, but it is quite often the most common step for businesses in times of financial hardship. By making redundancies, companies can reduce costs and stabilize cash flows.
The current economic environment brought on by the COVID-19 outbreak has made it extremely difficult for businesses within the cruise industry to operate.
Cordwell adds: “Stena Lina is not the first company to take this step, with Virgin Voyages confirming redundancies have been made within its shore-side team in the US. More businesses will almost certainly need to take these measures in order to survive the impact of COVID-19.”
Stena Line is one of the largest ferry operators in the world. It services Denmark, Germany, Ireland, Latvia, the Netherlands, Norway, Poland, Sweden and the United Kingdom, Stena Line is a major unit of Stena AB, itself a part of the Stena Sphere
WHAT TO TAKE AWAY FROM THIS ARTICLE:
- It services Denmark, Germany, Ireland, Latvia, the Netherlands, Norway, Poland, Sweden and the United Kingdom, Stena Line is a major unit of Stena AB, itself a part of the Stena Sphere.
- “Making redundancies are one of the hardest decisions a company will have to make, but it is quite often the most common step for businesses in times of financial hardship.
- This is a sign of things to come in the days ahead for the cruise industry, says a leading data, and analytics company.
