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June 4, 2020, 7:49 a.m. EDT

Sabre to cut 800 additional jobs as part of realignment of its airline, agency businesses

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By Tomi Kilgore

Shares of Sabre Corp. /zigman2/quotes/200765742/composite SABR -2.77% rose 1% in premarket trading Thursday, after the travel services software and technology company said it would cut 800 jobs, as part of a strategic realignment of its airline and agency-focused businesses. The cuts are in addition to the previously announced cut of 400 jobs, through voluntary severance and early retirement programs. The company had 9,250 employees as of Dec. 31, 2019. Sabre said that employee furloughs will end on or before July 6, and pay reductions that took effect in March and April will end by July 6. "This [COVID-19] pandemic has caused major shifts in the travel ecosystem resulting in the changing needs of our airline, hotel and agency customers," said Chief Executive Sean Menke. "We have taken this opportunity to accelerate the organizational changes we began in 2018 to address the changing travel landscape." The company expects the business realignment to be substantially completed early in the third quarter. The stock has plunged 61.4% year to date through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% has lost 3.3%.

/zigman2/quotes/200765742/composite
US : U.S.: Nasdaq
$ 8.06
-0.23 -2.77%
Volume: 5.91M
July 2, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.28 billion
Rev. per Employee
$436,451
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/zigman2/quotes/210599714/realtime
US : S&P US
3,130.01
+14.15 +0.45%
Volume: 2.33B
July 2, 2020 5:19p
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