Campervan and tourism company Tourism Holdings is cutting 140 jobs as the company fights to stay afloat.
Staff across the company's Kiwi Experience and Waitomo Group, which includes the glowworm caves and blackwater rafting tours, as well as group support staff, are affected.
THL's chief executive Grant Webster said the decision was necessary.
"We've done all we think we can to try and mitigate the situation but you can't just continue with losses and not make the right kind of decisions for the rest of the business," Webster said.
"We're better off surviving than keeping everyone employed and not surviving."
Webster said the Kiwi Experience and Waitomo businesses were currently operating at about 5 percent of normal capacity.
"Kiwi Experience has had to pretty much go into hibernation due to it being 100 percent international, Waitomo is open again now that we're at level 2 but it's at very low volumes so essentially we're down about 95 percent across those core businesses."
The company also owns and operates campervan rentals, including the Maui and Britz brands.
Webster said an initiative to save jobs in that sector had so far been a success, with a "phenomenal" uptake from the domestic market on hiring campervans for as little as $29 a day.