Find the investing style that's right for you. Boxer Nicola Adams is 'set to be in Strictly Come Dancing's FIRST same-sex pairing' in a...'You are an inspiration!' Flight Centre had already announced it would close up to 100 underperforming stores and has scrapped its earnings guidance amid mounting airline service cuts and widening travel bans. For more information please see our The Motley Fool Australia, PO Box 4635, Ashmore, Qld 4214James Mickleboro has been a Motley Fool contributor since late 2015. View our full suite of financial calendars and market data tables, all for free.Receive a free world-class investing education from MarketBeat. 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Photo: RNZ / Matt Chatterton In a statement, the travel agency said the unprecedented travel restrictions throughout the world has forced it to reduce its workforce. Flight Centre had previously announced 33 stores were to close temporarily, but today it confirmed those stores, plus 25 others, would be shut indefinitely. Collins Foods is just one of a string of high profile companies to release earnings information today, with Flight Centre, Afterpay, Woolworths Group and more also in … Want to see which stocks are moving? Picture: Russell/Shakespeare travelFlight Centre will shut down 100 stores across Australia as the fallout from the lethal coronavirus pandemic continues.The travel agent made the shock announcement today that scores of its underperforming outlets would shut down.However, the company did not confirm how many jobs were hanging in the balance, or which specific branches had been earmarked for closure.“Total transaction value (TTV) trends generally in line with expectations in early 2H trading but virus’s spread & increased travel restrictions mean demand is softening significantly and time frame for recovery is unclear,” the statement reads.It confirmed a “strategic response plan” was in place which aimed to “protect and grow market-share ahead of future rebound, while reducing costs” and that there were “up to 100 underperforming leisure shops to close in Australia”.Flight Centre said it was “looking to transfer TTV and sales staff to other shops, while also continuing to invest in new and emerging models” and that there was a “solid balance sheet, with $1.3 billion in total cash and investments and $189 million positive net debt position at February 29”.Both Webjet and Flight Centre fell nearly 20 per cent on Thursday, while Virgin Australia was down 16.7 per cent.Managing director Graham Turner said although the outlook and the time frame for recovery remained unclear, the company was well placed to overcome challenges.He said the company would draw on its experiences with SARS in 2003 and during the Global Financial Crisis in 2009 by seeking to stimulate demand, while also implementing sensible cost reduction strategies to maintain its balance sheet strength.“While people are still booking travel – in February, our TTV actually increased slightly globally compared to the same month last year – we are now seeing significant softening and expect this to continue into April at least,” Mr Turner said.“Within this uncertain environment, our priorities are to reduce costs, while also ensuring that we and our people are ready to capitalise when the steep discounting that is underway across most travel categories starts to gain traction and as the trading cycle rebounds.“As we saw with both SARS and the GFC in Australia, the rebound can be relatively fast and strong after a fairly significant downturn in international travel.”The company has also introduced a range of other measures in light of the bleak current climate, including short-term flexible work arrangements for staff, reduced trading hours in some shops, reducing leave balances and encouraging employees to take time off during the quieter period, introducing a freeze on recruitment and deferring some “non-essential” projects and expenses. 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