Thomas Cook to shut 200 shops
Thomas Cook is not commenting on reports it is to shut 200 shops following its business review.
The number of closures have increased significantly from the 75 indicated earlier this year following the merger between Co-Operative Travel and Thomas Cook but is said to be due to the changing UK market.
The operator says full details will be announced when the outcome of its 'strategic review' is made public on November 24.
A spokesman said: "Thomas Cook announced earlier this year that its new UK management team would be announcing the results of the UK review on the 24 November.
"As part of the review the management said it would announce measures to refocus the product strategy in mainstream package holidays, streamline the UK airline, improve yield management and operational excellence and measures to leverage the strong and trusted Thomas Cook
brand.
"We will announce the outcome of all of these areas on Thursday."
The analyst briefing by interim chief executive Sam Weihagen and chief financial officer Paul Hollingworth will follow the company’s annual results on Thursday morning.
Weihagen may also order a review of Thomas Cook’s brand portfolio.
The Sunday Times reported that he wants to ‘move away from cheap package holidays where profit margins are notoriously thin.”
The newspaper also said that the 200 closures and other disposals were to ‘clear the decks’ for an incoming chief executive following Manny Fontenla-Novoa’s resignation in August.
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