Dufry’s new global restructuring program aims to reduce personnel expenses 20-35%

Travel retail giant Dufry last week announced that it was implementing a restructuring program to mitigate the consequences of the COVID-19 pandemic.

The restructuring is in line with the initiatives that the company announced in May and earlier this month to reduce expenses and to adapt the company to the new business environment.

The program aims at reducing personnel expenses by 20% to 35% reflecting the different scenarios of potential sales declines of 40% to 70%, which the company had already presented in its Q1 Trading Update on May 12, 2020.

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.

Dufry says that it is currently not possible to provide details on the number and locations of the positions concerned due to consultation procedures in several countries. The company plans to implement these measures between June and October 2020.

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