Thomas Cook to shed 1,000 jobs
Thomas Cook, the troubled holiday firm, is poised to start the axing of at least 1,000 jobs and shake up its boardroom, following a rescue injection of £200m at the weekend.
The tour operator is set to unveil details of its radical restructuring in its full-year results during the week commencing 12 December, which is expected to include exiting 200 of its 1,100 high-street travel shops.
Thomas Cook needs to slash its debts – which come to nearly £1bn – after dire trading forced it to seek an emergency loan from its banks last week.
Following the update on Tuesday, Thomas Cook's shares fell by 75 per cent on that day. Amid fears over its future, UK sales tumbled by about 30 per cent from then until the rescue deal was unveiled late on Friday night. Thomas Cook agreed a new £100m banking facility only in October, but it has now secured a further £200m loan.
Frank Meysman, who takes over as the holiday company's chairman on Thursday, is set to review its team of non-executive directors.
South Korea ferry: Vice principal rescued from sinking ship found hanged
Overheard in Waitrose: documenting the chatter in 'Britain's poshest supermarket'
Oscar Pistorius trial: The case against Oscar Pistorius – and why the prosecution claims his story doesn't add up
Peaches Geldof funeral: Private ceremony to be held at same place as her mother Paula Yates on Easter Monday
Shropshire criminals ‘using unmanned drones and infrared cameras to find illegal cannabis farms’ – and then steal from the growers
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage on Have I Got News For You: Ukip leader ridiculed over expenses and party 'fruitcakes'
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
- 1 Are you turning into your dad? The top ten signs you've embraced dad-ism revealed as survey says 38 is age men turn into their father
- 2 Overheard in Waitrose: documenting the chatter in 'Britain's poshest supermarket'
- 3 Video of British Muslims dancing to Pharrell Williams's hit Happy attacked as 'sinful'
- 4 24 people applied for the 'world's toughest job', here are their interviews
- 5 Grace Dent on TV: Game of Thrones has jumped the shark
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...