Iglu CEO Richard Downs has written to its 400 employees warning them that roles across the business are at risk as a result of the extended pause in cruise operations.
Iglu is hoping to cut back on its operating costs by 40% to 50%.
In a statement, Mr Downs said: “Iglu.com will be entering into a consultation process with staff as part of a full strategic review to reshape the business, with the goal of emerging from the pandemic stronger and poised to grow again when demand returns.
“The success enjoyed at Iglu.com has been driven by the people who work here, so it is with great regret that it has become necessary to restructure the business.
“We are proposing to reduce our operating costs by 40-50% to be a more appropriate size for the current trading environment. We are doing this as a short-term measure so that we can emerge stronger and return to growth when cruisers and skiers are able to travel again.
“We have organised external support for staff whose roles are made redundant after the consultation period, we will do all we can to help them showcase the great skills and experience we know they have to offer,” he added.