Cash strapped travel firm Thomas Cook is to close more of its shops in Britain than previously announced — a total of 200.
It also posted a pre-tax annual loss the equivalent of 475 million euros.
Europe’s second-biggest travel company — which recently had to be bailed out by its banks — said it would make further disposals to cut debt and restore confidence among investors and customers.
Thomas Cook’s future has been in question since it asked lenders to come to its rescue twice in five weeks, sending its shares into freefall, after it warned of a possible debt default.
“We have instigated significant management changes and implemented a turnaround plan in the UK to address our areas of underperformance,” acting chief executive Sam Weihagen said.
The company said 660 jobs would be at risk as it closes 200 of its 1,300 shops in Britain.
Additionally, Thomas Cook plans to cut its airline fleet to 35 from 41, invest more in its online business, and consider more disposals on top of the 200 million pounds of non-core asset sales announced in July.