Cathay pacific is closing down its regional airline Cathay Dragon as the Covid-19 pandemic roils the global travel industry.
This move would affect over 5,300 employees based in Hong Kong. Together Cathay Pacific is reducing over 8,500 employees from all across the company.
“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the group to survive; We have taken every possible action to avoid job losses up to this point," Augustus Tang, Cathay Pacific Group CEO
Cathy was struggling with losses even before the impact of COVID-19 as the airline was facing traffic reduction due to anti-government protests in Hong Kong.