December 14, 2011

Thomas Cook to close 200 stores, cut at least 660 jobs

British tour operator Thomas Cook says it will close 200 stores and cut at least 660 jobs, after tourism to Tunisia and Egypt dried up during anti-government protests.

Europe’s second largest tour operator said Wednesday that many customers had also been badly affected by the European economic crisis.

The group also reported its final year results Wednesday, after postponing their release as it sought new agreements with its creditors. It said its operating profit fell 16 percent to 303.6 million pounds ($471million). Thomas Cook shares were down 4 percent to 14.2 pence in early morning trading.

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