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Thomas Cook has announced that it will be closing 200 stores and shedding up to 1,000 jobs in the next two years.
The travel company had already announced the closure of 75 of its stores following its merger with the Co-op’s UK high street travel chain, but bosses at Thomas Cook have now said that a further 125 stores will now be closed in the next two years as the leases come up for expiry.
Thomas Cook hit the headlines last month after its shares fell 75%.
After delaying the announcement of its results last month to ask its lenders for more money, Thomas Cook revealed it had made a £398m loss in the 12 months to September, compared to a £40m profit the previous year.
Bosses are blaming the Arab Spring uprisings for the fall in trade as previously popular destinations such as Egypt and Tunisia saw a huge fall in tourism, however the company’s airline was recently named worst short-haul carrier by a consumer watchdog.
The announcement today coincides with the release of the latest unemployment statistics which show that unemployment in the quarter up to October is at a 17 year high at 2.64 million.
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