Swiss travel conglomerate Kuoni on Wednesday announced that it is exiting the tour operator business, and will sell that segment of the company.

Kuoni’s tour activities are primarily focused on European and Asian source markets through FIT and group travel brands. The company also owns several U.S.-based brands, including New York-based Travel Bound and AlliedTPro, the latter of which launched an experiential tour company, Brite Spokes, in 2013.

“Kuoni’s outbound business faces increasing challenges from changing market conditions,” Kuoni said in a statement about the move. 

Kuoni’s board of directors and executive board have decided to focus on its other businesses, including visa processing, corporate travel management, groups and meetings, and destination management. 

The exit from the tour business includes offices in Switzerland, U.K., Benelux, Hong Kong/China and India as well as operations in Scandinavia and Finland. It affects approximately 3,800 employees.

The company’s tour business had $2.16 billion in revenue in 2014. 

“Kuoni firmly believes that the outbound business can be better developed under new ownership,” the company stated.

Kuoni said that its decision will not have any impact on customers’ existing or future tour bookings. All units will continue to operate as normal. Kuoni intends to find new owners in 2015, the company stated.

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