Thomas Cook to cut 2,500 jobs

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Thomas Cook is to close 195 shops and cut 2,500 jobs as a continuation of its restructuring plans and digital strategy.

The group’s back office and retail workforce is to drop from 15,500 to 13,000 in the changes in moves it said would secure its future. Underperforming stores or towns that have more than one outlet will see closures, reducing its network to 874.

“It is never easy to make decisions that impact directly on our people, but we also owe it to our customers to shape the business effectively and ensure that, when they book their holiday with us, our administrative costs are as low as possible. It is essential that we operate with the right number of people as we move forward into the next era for our company, allowing us to meet the future needs of our customers more effectively,” said Peter Fankhauser, CEO continental Europe & UK at Thomas Cook.

“As we improve and develop our online capabilities, maintaining a strong presence on the High Street is an important part of our omni-channel strategy. Even after these changes we will still have one of the largest retail networks in UK travel, ” he added.

Thomas Cook had already 200 closed stores, reduced flight capacity and other costs in the last two years but saw higher losses in the year up to September 2012 than the previous year at GBP590m.

It recently announced the creation of a board to focus on digital innovation as it aims to turnaround.

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