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TUI plans to restart, but 8,000 job cuts as well

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TUI AG said Wednesday that it plans to gradually resume travel activities after suspending them due to a coronavirus and could cut up to 8,000 jobs in an effort to reduce its overhead base by 30%.

The German travel group, which has a list in London, said that its hotels on Sylt and in Mecklenburg-Western Pomerania, Germany, will open their doors to customers in the coming days, and its hotels and clubs in European destinations are also ready to welcome holidaymakers.

“The season starts later, but could last longer. For 2020, we will also reinvent the holidays: new destinations, changed travel seasons, new local offers, more digitization,” said managing director Fritz Joussen.

In March, TUI suspended the vast majority of its travel activities, including package tours, cruises and hotels to help stop the spread of the coronavirus. The company also withdrew its forecast for the year until the end of September.

TUI reported a sharply widened net loss for the quarter as of March 31 of 763.6 million euros ($ 826.5 million), compared to a loss of 203.8 million euros in the same period a year earlier.

Quarterly sales fell to 2.79 billion euros from 3.10 billion euros a year earlier, the company said.

The company’s underlying loss before interest and taxes – its preferred profit measure, which excludes exceptional items and other exceptional items – for the quarter amounted to 680.9 million euros compared to 242.1 million euros. ‘euros a year earlier.

TUI said demand for vacation is still very high. The company said 35% of its 2020 summer program is still booked, but said it is refraining from providing guidance for fiscal year 2020 due to the pandemic and worldwide travel restrictions .

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