Cuts across Thomas Cook brand in a bid to reduce losses

Around 2,500 jobs are to go at travel firm Thomas Cook – many of which will be cut from the firm's head office in Peterborough.

The job losses, alongside the closure of 200 high street stores, are part of the next phase of a three year transformation plan for the company, which aims to cut costs and reduce financial losses.

As well as shutting stores, the UK's second-biggest travel company has trimmed its airline fleet and sold off hotels after it was forced to turn to its banks for an additional £200 million of loans in 2011.

Thomas Cook is a much loved brand that needs to make the proposed changes to secure our future and provide continued employment for many thousands across the UK and better meet the needs of our customers going forward.

– Peter Fankhauser, Thomas Cook UK and Ireland’s CEO