Flight Centre Travel Group
Flight Centre Travel Group (FCTG) is an Australian travel agency headquartered in Brisbane. Founded in 1982 by Graham Turner and Geoff Harris, it has expanded globally and operates under various names in countries like Australia, New Zealand, the United States, Canada, the UK, South Africa, India, China, Hong Kong, Singapore, the UAE, and Mexico. In the US, it's known as Liberty Travel, Travel Associates, and GOGO Worldwide Vacations. Its portfolio also includes StudentUniverse, FCM Travel Solutions, and several other brands.
The company began with a store in Sydney in 1982 and expanded internationally in the mid-1990s. It acquired StudentUniverse in 2015,[1] and launched online travel brands BYOjet and Aunt Betty in 2016. In New Zealand, Flight Centre operates multiple brands, including Cruiseabout and Travel Money NZ.
However, FCTG was hit hard by the COVID-19 pandemic,[2] leading to a significant drop in its share price, staff redundancies, and store closures.[3] The company raised emergency equity in April 2020 and sought additional financial support in June 2020.
Flight Centre has faced controversy, including allegations of discriminatory pricing, undisclosed flight mark-ups, and price gouging. In 2018, it was criticized for its workplace culture, and during the pandemic, it was scrutinized for its refund policies and accused of underpaying staff.[4][5]
References[change | change source]
- ↑ "StudentUniverse Acquired By Flight Centre Travel Group" (Press release). Business Wire. 21 December 2015.
- ↑ "Flight Centre Travel Group Limited Share Price & Information - ASX". ASX. Retrieved 2020-05-02.
- ↑ "Flight Centre Travel Group Cancels Interim Dividend" (PDF). ASX. Retrieved 2020-05-02.
- ↑ "Flight Centre kicks off pitch for $500m rescue raising". Australian Financial Review. 3 April 2020.
- ↑ "Why Flight Centre needed to raise capital – and fast". Livewire Markets. 20 April 2020.