New York, NY (CNN) The travel agency that serves Manhattan’s Chinatown is planning to reduce its workforce by about 3% and slash its revenue by $1.5 million.

The Manhattan Travel Agency has been in business for more than a century, and it has operated in Manhattan’s streets, neighborhoods, and neighborhoods for more of the past 30 years.

But in a sign that New York’s Chinatown community is changing, the agency is moving to close its doors and close all of its offices in the city’s Chinatown neighborhood.

The new CEO of the agency, Amy M. Zagorsky, told CNN that the cuts are part of a strategy to address a growing number of challenges facing the business, including the growing number and size of foreign businesses, the economic downturn and rising rents.

“We have to continue to meet our growth goals, which include our current revenue, but also the challenges we face,” she said.

Zagorskaya said the new CEO will be tasked with managing the company’s assets and operations.

She said that she is working with the agency’s Board of Directors, who will also review the company and make recommendations for the future. 

The move comes as a major shakeup in the Chinatown community, which is home to a growing percentage of the estimated 5 million people in the borough who are foreign-born.

The Chinatown area was home to roughly 20% of the total population in Manhattan in 2020.

Many foreign-owned businesses in Manhattan were able to get a lease on the city to operate within a certain distance, but now the lease can be extended if the business can’t make enough money, and that limits the number of foreign-based businesses that can open shop in Manhattan.

The move by the Manhattan Travel Company comes as the city is trying to revitalize Chinatown and the community is looking for new places to open shop.

New York Mayor Bill de Blasio has made combating racism a priority, and he recently announced a new strategy to make Chinatown more welcoming to new businesses and to make New York safer for residents.

Zaltsky said that the changes to the company will not affect the business’s existing business, but she said the plan is a way to provide an alternative to the foreign businesses that are in the area.

“I think it is a step in the right direction, and I hope to see more foreign-backed businesses opening in New York,” Zaginskaya said.

The company said in a statement that the move is necessary to improve the overall quality of life of the Chinatown neighborhood, and the closure of the business is part of an effort to reduce traffic congestion in Chinatown, as well as to improve public safety. 

“We are working to address the challenges facing our community, and are confident that this new strategy will allow us to continue serving our community with the best service we can provide,” the statement read.