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Thomas Cook axes 2,500 UK jobs and shuts 195 high street travel agencies Thomas Cook cuts 2,500 UK jobs and shuts 195 high street travel agencies
(35 minutes later)
Thomas Cook, the world's oldest travel firm, is axing 2,500 British jobs and closing 195 of its high street travel agencies. Thomas Cook, the world's oldest travel firm, is cutting 2,500 British jobs and closing 195 of its high street travel agencies.
Peter Fankhauser, Thomas Cook's Europe and UK chief executive, said it was "never easy" to make job cuts but insisted the company had to make sure its administrative costs were "as low as possible".Peter Fankhauser, Thomas Cook's Europe and UK chief executive, said it was "never easy" to make job cuts but insisted the company had to make sure its administrative costs were "as low as possible".
The company said most of the job cuts would be in back-office functions, but warned some stores will be closed as part of a major restructure of the business. The company has more than 800 stores and employs 15,500 people in the UK and Ireland. The company said most of the job cuts would be in back-office functions, but warned some stores would be closed as part of a major restructuring of the business. The company has more than 800 stores and employs 15,500 people in the UK and Ireland.
"It is never easy to make decisions that impact directly on our people, but we also owe it to our customers to shape the business effectively and ensure that, when they book their holiday with us, our administrative costs are as low as possible," Fankhauser said. "As we improve and develop our online capabilities, maintaining a strong presence on the high street is an important part of our omni-channel strategy. Even after these changes we will still have one of the largest retail networks in UK travel." "It is never easy to make decisions that impact directly on our people, but we also owe it to our customers to shape the business effectively and ensure that, when they book their holiday with us, our administrative costs are as low as possible," Fankhauser said.
The news comes on a bad day for the high street. More than 400 jobs are to go at bed company Dreams, which has been bought out of administration by private equity group Sun Capital Partners but is closing 93 stores. "As we improve and develop our online capabilities, maintaining a strong presence on the high street is an important part of our omni-channel strategy. Even after these changes, we will still have one of the largest retail networks in UK travel."
About 300 staff have lost their jobs at Axminster Carpets after the company that supplied Brighton Pavilion and Clarence House fell into administration on Tuesday. The failed 250-year-old family-run business collapsed following a sharp increase in the cost of raw materials and a fall in sales, mainly due to householders turning to wooden flooring instead of carpets. The news comes on a bad day for the high street. More than 400 jobs are to go at the bed company Dreams, which has been bought out of administration by the private equity group Sun Capital Partners but is closing 93 stores.
About 300 staff have lost their jobs at Axminster Carpets after the company, which supplied Brighton Pavilion and Clarence House, fell into administration on Tuesday.
The failed 250-year-old family-run business collapsed after a sharp increase in the cost of raw materials and a fall in sales. The latter was mainly because of householders turning to wooden flooring instead of carpets.