Pandemic-hit travel agency JTB sells Tokyo HQ to raise funds

pandemic hit travel agency jtb sells tokyo hq to raise funds

Sumary of Pandemic-hit travel agency JTB sells Tokyo HQ to raise funds:

  • Japanese travel agency JTB Corp said Tuesday it sold its Tokyo headquarters as well as another building in Osaka as it progresses a restructuring effort aimed at shoring up its finances after the COVID-19 pandemic killed demand for its services.
  • The major travel agency is attempting to weather the COVID storm as it posted a record net loss of 105.2 billion yen in the year ended March.
  • Demand slumped due to travel restrictions imposed during the coronavirus pandemic and the company’s capital adequacy ratio dropped to 6.9 percent as of the end of March from 24.3 percent a year ago.

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