SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 4, 2020
Booking Holdings Inc.
(Exact name of registrant as specified in its charter)
|(State or other Jurisdiction of|
|(Commission File Number)||(IRS Employer Identification No.)|
|800 Connecticut Avenue||Norwalk||Connecticut||06854|
|(Address of principal offices)||(Zip Code)|
Registrant's telephone number, including area code: (203) 299-8000
(Former name or former address, if changed since last report)
Securities Registered Pursuant to Section 12(b) of the Act:
|Title of Each Class:|| ||Trading Symbol||Name of Each Exchange on which Registered:|
|Common Stock par value $0.008 per share|| ||BKNG||The NASDAQ Global Select Market|
|0.800% Senior Notes Due 2022||BKNG 22A||The NASDAQ Stock Market LLC|
|2.150% Senior Notes Due 2022||BKNG 22||The NASDAQ Stock Market LLC|
|2.375% Senior Notes Due 2024||BKNG 24||The NASDAQ Stock Market LLC|
|1.800% Senior Notes Due 2027||BKNG 27||The NASDAQ Stock Market LLC|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4c under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.05 Costs Associated with Exit or Disposal Activities.
On August 4, 2020, the Company announced its intention to reduce Booking.com’s global workforce by up to approximately 25% as a result of the impact of the COVID-19 pandemic on Booking.com and the travel industry. Booking.com is in the process of consulting with its works councils, employee representatives and other relevant organizations where applicable (including in the Netherlands) regarding the intended reduction in force and related cost reduction and restructuring actions. As the Company consults with works councils, employee representatives and other organizations regarding its intentions, the Company expects to develop more clarity on the timing, the number of affected employees, financial impact and other aspects of the contemplated cost reduction actions. The Company expects to finalize its plans and make relevant announcements to employees on a country by country basis, with the first countries starting in September 2020, and expects to complete all such announcements by the end of 2020.
Because the Company’s intentions with respect to its restructuring actions at Booking.com are subject to the consultation processes described above, working through legal requirements in multiple jurisdictions and completing our analysis of related costs, the Company is currently unable to make a good faith determination of an estimate or range of estimates required by paragraphs (b), (c) and (d) of Item 2.05 of Form 8-K with respect to such actions. The Company will file an amendment to this report after it makes a determination of such estimate or range of estimates.
This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements reflect our views regarding current expectations and projections about future events and conditions and are based on currently available information. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict, including the Risk Factors identified in our most recently filed quarterly report on Form 10-Q and annual report on Form 10-K; therefore, our actual results could differ materially from those expressed, implied or forecast in any such forward-looking statements. Expressions of future goals and expectations and similar expressions, including “may,” “will,” “should,” “could,” “aims,” “seeks,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “targets,” and “continue,” reflecting something other than historical fact are intended to identify forward-looking statements. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, readers should carefully review the reports and documents we file or furnish from time to time with the Securities and Exchange Commission, particularly our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ||BOOKING HOLDINGS INC.|
| || |
| || || |
| ||By:||/s/ Peter J. Millones|
| || ||Name:||Peter J. Millones|
| || ||Title:||Executive Vice President and General Counsel|
Date: August 4, 2020