Thomas Cook reveals £398m loss for year ending September

Thomas Cook has blamed an annual loss of £398m on the uprisings in the Middle East and North Africa and is expected to close more 200 of its high street stores and may slash more than 1,000 jobs.

Thomas Cook to close 200 stores
Thomas Cook to close 200 stores

The travel brand today announced its results for the year to September, also confirming the closure of 125 of its 1,300 stores, in addition to the 75 closures previously announced.

Sam Weihagen, the group chief executive, admitted that it had been a "challenging year", but said he was confident that management changes and the business’s turnaround plan would improve its performance.

He added: "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."

The group plans to sell £200m of its assets and on Tuesday revealed it is to sell its stake in five hotels and a golf resort.

Last month, Thomas Cook delayed its results as it asked lenders for a £100m lifeline. The news caused its shares to fall 75% in one day.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Top incentive trends for 2020

Top incentive trends for 2020

We asked event planners what trends they have noticed in incentive travel for this year as part of the State of the Industry report.

Air New Zealand unveils lie-flat beds for economy passengers

Air New Zealand unveils lie-flat beds for economy passengers

The airline says the new design is a “game-changer” for economy-class customers on long-haul flights.

Hong Kong offers free venue hire amid coronavirus fears

Hong Kong offers free venue hire amid coronavirus fears

A government subsidy aims to reinvigorate the conferences and events industry after event cancellations.

Can video save events amid Coronavirus cancellations?

Can video save events amid Coronavirus cancellations?

Event industry must stop thinking 'if you’re not physically in the room, you’re a no-show’ says video platform CCO.

Top doctor reveals 12 ways to make events more accessible

Top doctor reveals 12 ways to make events more accessible

Doctor Helen Grote describes how to make events more inclusive for disabled delegates.

Emerging incentive destinations for 2020

Emerging incentive destinations for 2020

State of the Industry: Incentives report offers insight into the destinations event planners are booking compared to last year.

Bomb victim's mother fights to make venues safer

Bomb victim's mother fights to make venues safer

Home Office is consulting on 'Martyn's Law' to protect fans at concerts and large-scale events.

Venice Carnival cut short as Coronavirus experts warn of global ‘tipping point’

Venice Carnival cut short as Coronavirus experts warn of global ‘tipping point’

Annual festival adds to a long list of pulled events while a global agency talks of cancellations, postponements and a move to virtual meetings.

'Four-poster bed, copper bath and gorgeous furnishings': a night at Down Hall Hotel

'Four-poster bed, copper bath and gorgeous furnishings': a night at Down Hall Hotel

C&IT's associate editor reviews a country house hotel dating back to 1322 with Italianate architecture and luxury interiors.

The charity ball with a projection-mapped 'Wheel of Fortune'

The charity ball with a projection-mapped 'Wheel of Fortune'

Country estate Alrewas Hayes hosted the 25th anniversary of the Hope and Homes for Children fundraiser.

LATEST JOBS