Thomas Cook

Thomas Cook (LON:TCG) is set to close 21 stores, placing 300 jobs at risk, it announced on Friday.

The travel operator cited more customers shifting towards online channels as a reason for the decision, accounting for 64% of all bookings in the UK over the last year.

Thomas Cook said that ultimately online growth had been the fastest in all sales channels, increasing by 30% in 2018.

As a result, the company said 102 customer-facing roles are set to be axed, whilst an additional 218 store-based roles are ‘proposed to be removed’ following a review.

Chief of tour operating, Will Waggott, commented: “Today’s announcement reflects the wider challenges seen on the high street, with more and more customers choosing to book online. These measures will help us to drive greater efficiencies across Thomas Cook so that we relentlessly focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering.

“Looking ahead, we will be working to ensure that Thomas Cook is fit for the future, putting a rigorous focus on costs in a competitive environment while giving customers more reasons to holiday with the strongest brand in travel.”

The Thomas Cook locations which are expected to close as as follows:

  • Gosforth, Newcastle upon Tyne
  • West Bromwich Sandwell Centre, West Midlands
  • Llandudno, North Wales
  • Sunderland Sainsbury’s, Tyne & Wear
  • North Shields, Tyne & Wear
  • Peterlee, County Durham
  • Accrington, Lancashire
  • Market Harborough 23 St Marys Place, Leicestershire
  • Bury Haymarket, Lancashire
  • Stratford-upon-Avon, Warwickshire
  • Aberdeen Langstane, Aberdeen
  • Chesham, Buckinghamshire
  • Launceston, Cornwall
  • Stevenage, Hertfordshire
  • Shipley, West Yorkshire
  • Cumbernauld, North Lanarkshire
  • Guildford, Surrey
  • Glenrothes 52 Unicorn Way, Fife
  • Colchester High St, Essex
  • Kingston upon Thames, Surrey
  • Kirkintilloch Cowgate, Glasgow

Shares in Thomas Cook are currently trading -3.70% as of 11:18AM (GMT).

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Nicole covers emerging global economic and political events for The UK Investor Magazine. Her focus is particularly upon company news and political developments in Europe and the US.