Mar 22, 2019

Over 300 jobs at risk in Thomas Cook restructuring

Thomas Cook, the UK-based travel company, is considering axing more than 300 jobs in an effort to restructure the business in the face of changing consumer travel habits. Will Waggott, the former Tui chief financial officer who joined Thomas Cook last month to head up its tour operating division, said that Friday's announcement reflected wider challenges the company faced on the high street as more customers moved to book holidays online. Last year 64 per cent of Thomas Cook holidays were booked via its website, as opposed to in its high street stores. "These measures will help us to drive greater efficiencies across Thomas Cook so that we relentlessly focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering," he said. Richard Clarke, an analyst at Bernstein, said that Thomas Cook had experienced a difficult year due to weak demand, increased competition and last year's UK heatwave.

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