Thomas Cook made £590m loss in last financial year

Thomas Cook slumped to a £590 million loss in its last financial year and is working on plans to slash costs.

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.

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Thomas Cook to axe 2,500 jobs

Holiday firm Thomas Cook today announced plans to axe 2,500 UK jobs and warned of some store closures under a group-wide restructure.