Sabre Corporation, a travel technology company, announced on Thursday that it would be laying off 15% of its workforce, or 1,100 employees, in an effort to save $200 million annually. The layoffs will affect employees across all levels and functions, and will take place before the end of the second quarter.
The layoffs are part of a larger restructuring effort at Sabre, which is facing increasing competition from rivals like Amadeus and Travelport. The company is also struggling to recover from the COVID-19 pandemic, which has had a major impact on the travel industry.
In a statement, Sabre CEO Kurt Ekert said that the layoffs were “a difficult but necessary decision” that would “allow us to better position ourselves for the future.” He added that the company would be providing severance packages and other assistance to affected employees.
The layoffs come at a time when the travel industry is slowly recovering from the pandemic. However, the outlook for the industry remains uncertain, and it is unclear when travel demand will return to pre-pandemic levels.
Sabre is not the only travel technology company that has been forced to lay off employees. In recent months, Amadeus and Travelport have also announced layoffs. The layoffs are a sign of the challenges facing the travel industry, which is still recovering from the COVID-19 pandemic.
In addition to the layoffs announced Sabre has also been facing other challenges in recent years. In 2019, the company lost a major contract with American Airlines to rival Amadeus. Sabre has also been struggling to compete with new entrants in the travel technology market, such as Google and Amazon.
Despite these challenges, Sabre remains a major player in the travel technology market. The company is well-positioned to benefit from the long-term growth of the travel industry. Sabre is also investing in new technologies, such as artificial intelligence and machine learning, to stay ahead of the competition.