Posted November 08, 2018 09:04:00 Maldives has a history of travel agencies that have struggled financially.
Now it’s facing financial losses of more than $100 million, its tourism agency has announced.
The Travel Agency for Maldives said it will close down and lay off staff as part of a plan to “solve the structural problems” at the company.
The company said the closure is part of the government’s restructuring and the restructuring will be complete in the next three months.
The agency said the closures are part of an effort to “re-balance the company and re-shape the organization.”
The agency has about 500 employees and about 20 of them are part-time.
It said it was facing a loss of about $2 million, but said it would still be able to make payments on the loan.
The travel agency said it is still working to determine the exact impact the closures will have on its operations.
In a statement, the company said it has been working to “address the structural issues at the agency and to ensure that it can continue operating and operate as it has over the past four years.”
It said the agency is in discussions with its creditors, and that the financial impact of the closures would be passed on to the creditors.
The Associated Press first reported the news on Friday.