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.

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