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14/12/2011
Thomas Cook Close 200 Outlets
Travel agent Thomas Cook is to close 200 stores after announcing huge losses over the last year.
The travel operator revealed it had recorded pre-tax annual losses of £398m and said it would close the stores over the next two years.
The news comes just after the holiday firm secured a rescue package from banks last month, as part of a turnaround plan to drive annual profit improvements of £110m.
A number of banks, including Barclays, HSBC, RBS and UniCredit, agreed to provide the fund until 30 April 2013.
It is Europe's second biggest travel firm by sales, while staff at 115 of the affected stores are expected to be informed of their fate on Wednesday with the loss of 661 jobs.
The company, which is the world's oldest travel agency, currently operates 1,300 outlets .
(DW)
The travel operator revealed it had recorded pre-tax annual losses of £398m and said it would close the stores over the next two years.
The news comes just after the holiday firm secured a rescue package from banks last month, as part of a turnaround plan to drive annual profit improvements of £110m.
A number of banks, including Barclays, HSBC, RBS and UniCredit, agreed to provide the fund until 30 April 2013.
It is Europe's second biggest travel firm by sales, while staff at 115 of the affected stores are expected to be informed of their fate on Wednesday with the loss of 661 jobs.
The company, which is the world's oldest travel agency, currently operates 1,300 outlets .
(DW)
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