Thomas Cook confirms 200 shops will close
Thomas Cook has confirmed reports that it is to close 200 shops in its results announced today.
The operator also plans to improve its websites with the hope of increasing its share of UK online bookings from the current 25% to 40-50%.
Financial results showed a pre-tax loss of £398m at the year end compared to a profit of £42m in 2010.
The number of aircraft are to be reduced from 41 to 35 – primarily in long haul.
Paperless tickets, retail and call centre staff rostering and reduction in brochure wastage will all be used in an attempt to reduce costs.
The operator said the phased closure of the 200 shops, see previous story. would take place over the next two years and that other shops would be reviewed as their leases came up for renewal.
Sam Weihagen, Group Chief Executive, Thomas Cook Group plc said:
"This has been a very challenging year for the Group, despite which we still delivered an underlying operating profit of over £300m. We have instigated significant management changes and implemented a turnaround plan in the UK to address our areas of underperformance.
“We continue to take action to substantially strengthen the balance sheet and the Board is undertaking a full strategic review. I am confident that these changes will improve profitability and build a stable foundation from which to rebuild shareholder value.
“Customers have been very supportive in recent weeks and are continuing to book with Thomas Cook. Bookings outside the UK were broadly unaffected by news of our refinancing and in the UK bookings have recovered well.
“For over 170 years Thomas Cook has provided customers with fantastic holiday experiences and we will continue to do so."
Diane
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