Thomas Cook is to cut around 2,600 jobs to avoid an operating loss following last month's suicide attacks on the United States.
Thomas Cook chief executive Mr Stefan Pichler said today he expected a 15 per cent drop in sales in the 2001/2002 business year, leading to a euro 530 million loss in core earnings the firm would absorb with various cost-cutting measures.
Europe's second-biggest travel firm, owned by German airline Lufthansa and department store group KarstadtQuelle, would cut 10 per cent of its 26,500 full-time employees and ground flights.
The cost-saving plan would keep 2001/2002 earnings before tax and amortisation at about the previous year's level of euro 160 million, the firm said.