JTB sells headquarters amid COVID travel slump

Japan's largest travel agency, JTB Corporation, has sold its headquarters and another building as it suffers from a prolonged travel slowdown amid the coronavirus pandemic.

Informed sources said the company had sold its headquarters building in Tokyo's Shinagawa Ward and another in Osaka City, western Japan, by Tuesday.

The purchasers of the buildings are yet to be disclosed. The sales price is expected to total several hundred million dollars.

JTB reported a record net loss of about 955 million dollars for the 2020 fiscal year that ended in March 2021.

The sale of the buildings is part of the company's efforts to improve its financial standing as it accelerates restructuring of its business. The company is now cutting its number of outlets and personnel.

JTB reportedly also hopes to use the funds obtained through the sale to invest for post-pandemic growth.

The company says it plans to remain in the headquarters building after the sale by signing a lease contract with the buyer.