UK / Thomas Cook to cut 2,500 jobs

Travel firm Thomas Cook said it would cut 2,500 jobs from its U.K. workforce and close 195 stores in Britain as part of its plans to restructure the business.

The 172-year-old group has struggled over the last two years with a slump in sales leading to a string of profit warnings, forcing it to renegotiate bank loans and make disposals to cut debt.

Most of the job losses would be within its retail network and in back-office and administrative positions, and would involve the closure of 195 of its 1,069 U.K. stores, said the world’s oldest travel group, which has a total workforce of 15,500 in the U.K. and Ireland.

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via Thomas Cook to cut 2,500 jobs in the U.K. – The Globe and Mail.