Real Journeys chief executive Richard Lauder yesterday confirmed a proposal was sent to company employees last week, informing them change was coming.
The decision would await feedback from those who would be affected but it was probable there would be cutbacks in the marketing and management sector.
"It's just not clear what those changes will be," Mr Lauder told the Otago Daily Times.
The changes have arisen because of declining numbers of European tourists, which has, in particular, impacted on visitors to Milford Sound over the past seven years.
Real Journeys UK sales were down 20% from last year and down 14% for all European customers, he said.
The Milford Sound visitor market, where Real Journeys is the biggest operator, had dropped from a peak of 475,000 visitors in 2007 to about 375,000 this year.
Mr Lauder said there was still good domestic demand and a strong Asian growth.
"Due to the global economic crisis, the Christchurch earthquake and other factors like exchange rates, there has been a reduction in long-haul tourist numbers in the last two years."
Numbers had been disguised for some time by the "one-off" effect of the 2011 Rugby World Cup.
A Destination Queenstown survey in March found that compared to the year ending March 2011, Korean and Japanese markets each recorded a decline in visitor spend, estimated to be 25% or more.
The same survey showed that in the past 10 years the average spend of an international visitor had decreased from $3256 to $2360.
Mr Lauder said effects of the tourism market had shown up in the company's turnover in the past few years.
Changes would mean a "number of positions would not be required", but this would affect less than 2% of the entire company, he said.
This would be the equivalent of about 12 job losses.
He added the proposal was sent out only last Wednesday and was still in its consultation stage.
A decision was likely during the first week of September.
Real Journeys owns TSS Earnslaw, Milford Sound and Doubtful Sound boat cruises, as well as 50% of Queenstown Rafting and Black Cat Cruises.
