The travel company Despegar discontinues 500 employees and cuts salaries by 60%.

The travel company Despegar suspended 500 employees and will apply salary reductions of up to 60% and sign up for the Work and Production Assistance Plan. The firm, which has a presence in 20 countries and more than 3,000 employees in Latin America, has already dismissed 400 people, mainly in Brazil, Uruguay and Colombia. Despegar had bought two firms in the sector: at the end of January it acquired BestDay for $136 million, and in April 2019 it purchased Viajes Falabella for a total of $27 million. Shares in February were trading at around $15.2, but fell to $5.2 and are currently at $6.2.

Source: Ámbito