HOLIDAY giant Tui is looking to cut up to 8,000 roles worldwide with the firm calling Covid-19 the "greatest crisis" the industry has faced.
The UK's biggest tour operator posted losses of 845.8 million euro (£747m) in the first half of 2020, compared to 289.1 million (£255m) in the same period 12 months previously.
The travel firm currently employs 70,000 staff.
The Anglo-German company said: "We are targeting to permanently reduce our overhead cost base by 30 per cent across the entire group.
"This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced."
Fritz Joussen, chief executive of the firm, said the company should "emerge from the crisis stronger".
He added: "It will be a different Tui and it will find a different market environment than before the pandemic.
"This will require cuts: in investments, in costs, in our size and our presence around the world.
"We must be leaner than before, more efficient, faster and more digital."
The company's report said: "The tourism industry has weathered a number of macroeconomic shocks throughout the most recent decades, however the Covid-19 pandemic is unquestionably the greatest crisis the industry and Tui has ever faced."
It added that losses also came as a result of the grounding of the Boeing 737 Max aircraft after two crashes with other airlines.
The tour operator announced last month that they were cutting staff working hours and pay between 30 and 50 per cent to avoid redundancies.
Tui has cancelled holidays until June 11, while cruises have been put on hold until at least July.
If you have a TUI holiday booked, you will be given a credit note for the full cost of your trip.
You can request a refund after 12 months if you have not used the credit note, or you can request a refund by calling 0203 451 2868
They advise only those travelling in the next 48 hours to call due to high volume.
Yesterday, Health Secretary Matt Hancock said that it's likely that foreign holidays will be cancelled this summer due to coronavirus.
The virus has decimated holiday plans and pushed travel firms into crisis.
Virgin Atlantic has asked the government for a bailout to stop the airline going under.
Yesterday, Ryanair said that it hopes to restore 40 per cent of flights from July 1.
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