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Thursday, July 9, 2020

Tui warns of 8,000 job cuts to reinvent vacation

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Travel company Tui is committed to “reinventing holidays in 2020” as it seeks to overcome the coronavirus pandemic.

Tui said he would reopen some hotels in Germany “in the coming days”, and that his operations in other European destinations would also be ready to accommodate vacationers.

However, he warned that up to 8,000 jobs will be lost as he strives to cut costs by 30% as part of a major restructuring.

He was forced to cancel most of his travel program in March.

Tui has since been bolstered by a state-backed 1.8 billion euro (£ 1.6 billion) loan in Germany.

Travel restrictions across Europe and beyond mean that the crucial summer season is still in doubt, leaving millions of vacationers unsure of their plans.

In the United Kingdom, the Foreign Office always advises against non-essential overseas travel, with no indication of when the policy may change.

Health Secretary Matt Hancock said on Tuesday that it was unlikely “a great sumptuous international vacation” was going to be possible this summer.

Holiday hopes

Tui managing director Fritz Joussen said: “The demand for vacation is always very high. People want to travel.

“Our integrated business model allows us to start travel activities as soon as possible again. The season starts later, but could last longer.

“For 2020, we will also reinvent holidays: new destinations, changes in travel seasons, new local offers, more digitalization.”

Tui said he was ready to return to vacation this year, using new social distancing and cleansing measures.

“The health and well-being of clients and colleagues remains paramount and we are assessing how we can responsibly adapt to the measures so that pleasure travel can resume,” said the firm.

“We are preparing new procedures for the airport process, on board our aircraft, in hotels and on our ships, so that any recommendation or directive on social distancing can be implemented, without compromising the pleasure of customers and the travel experience. “

Tui said its restructuring would affect its airline business and also involve the sale of “unprofitable activities”.

“We aim to permanently reduce our overhead base by 30% across the group. This will impact potentially 8,000 positions worldwide that will neither be recruited nor reduced,” he said. in a press release.

Tui normally employs 70,000 people during the summer holidays and 60,000 during the quieter months.

The company said its sales and profits would be significantly lower in the current year, with cost savings only partially offsetting the crisis.

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