Travel giant TUI has announced plans to slash 8,000 jobs worldwide after reporting a group loss of EUR 740.5 million (USD 802.7 million) in its second quarter results - a major hit caused by the Covid-19 pandemic.
The move comes as the Anglo-German company strives to cut costs by 30% in a major restructuring, TUI said in its half-year financial report. The report described the Covid-19 pandemic as unquestionably the greatest crisis the tourism industry and the company have ever faced.
Fritz Joussen, chief executive of TUI said the company should emerge from the crisis stronger, adding that it will be a different TUI and it will find a different market environment than before the pandemic.
