is lying up to 25% of its workforce due to the Coronavirus recession

A man looks at’s website

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A report released on Tuesday by the company said that Kovid-19 continues to work on plans to book up to 25% of its global workforce as an epidemic. has more than 17,000 employees, a company spokesperson told CNBC.

Booking Holdings, the parent company of, will finalize its plans and make announcements to employees on a country-by-country basis starting in September. Booking Holdings is also the parent company of other online travel companies such as Kayak and Train, but the layoffs will only affect, according to the filing.

The travel industry has seen a dramatic decline in the ongoing trade due to the epidemic, and many believe that a vaccine is needed for travel to return to a wider scale in general. Booking, which operates travel websites as an example, such as Kayak and other sites, reported a 51% decline in the first quarter. Booking is scheduled to report second-quarter 2020 earnings on Thursday.

Bookings Holdings shares were down less than one percent in Tuesday’s prepaid trading. The company’s shares are down 19.65% percent to date.

A spokesman for the company told CNBC in a statement, “The Kovid-19 crisis has devastated the travel industry, and we feel the impact as the volume of travel has decreased significantly.” “While we have done as much to save as many jobs as possible, we believe that we should restructure our organization to match our expectation of the future of travel.”

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