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Thomas Cook to close 150 stores Thomas Cook to close 150 stores
(about 2 hours later)
Travel company Thomas Cook has said it will close 150 stores and six offices, in a move that could affect as many as 2,800 jobs, or about 15% of its staff.Travel company Thomas Cook has said it will close 150 stores and six offices, in a move that could affect as many as 2,800 jobs, or about 15% of its staff.
The company recently completed a £2.8bn merger with rival MyTravel, saying the deal would help the firms cut costs. The firm, which will be left with 800 stores, recently completed a £2.8bn merger with rival MyTravel, saying the deal would help the firms cut costs.
Sites in Rochdale, Birmingham, Manchester, Denton and Helmshore are among those set to close. Sites in Rochdale, Birmingham, and Manchester are among those to close.
Thomas Cook said that it would look to find jobs elsewhere in the firm "where possible" for the affected workers.Thomas Cook said that it would look to find jobs elsewhere in the firm "where possible" for the affected workers.
"As many as possible of those whose roles are potentially affected by today's news will be offered the opportunity for redeployment within the business," said Manny Fontenla-Novoa, the company's joint chief executive."As many as possible of those whose roles are potentially affected by today's news will be offered the opportunity for redeployment within the business," said Manny Fontenla-Novoa, the company's joint chief executive.
"We will do everything we can to support those employees who are affected through the next few months.""We will do everything we can to support those employees who are affected through the next few months."
MergerMerger
The merger between Thomas Cook and MyTravel has created Europe's second-largest travel company. The merger between Thomas Cook and MyTravel has created Europe's second-largest travel company and it holds around 35% share of the UK package holiday market.
KEY SITES AFFECTED Rochdale - former headquarters of MyTravelManchester airport Commonwealth house - airline operations of MyTravelHelmshore - holiday divisionBirmingham - call centreDenton - distribution site all these were formerly part of MyTravel
Thomas Cook said the closures would help the newly-merged companies to cut about £95m in costs.Thomas Cook said the closures would help the newly-merged companies to cut about £95m in costs.
The newly-formed company is called Thomas Cook Group and is based in Peterborough, with a corporate headquarters in London.The newly-formed company is called Thomas Cook Group and is based in Peterborough, with a corporate headquarters in London.
It is 52%-owned by German retail chain KarstadtQuelle, which was the parent of Thomas Cook, and 48%-owned by the shareholders of MyTravel.It is 52%-owned by German retail chain KarstadtQuelle, which was the parent of Thomas Cook, and 48%-owned by the shareholders of MyTravel.
Following the closures, Thomas Cook will be left with 800 stores. Its main holiday brands include Airtours, Direct Holidays, Manos, Panorama, Sunset, and Thomas Cook as well as other specialist holiday companies.
The firm's fleet of 97 aircraft will operate under the Thomas Cook brand.