European travel company TUI on Wednesday said it needs to reduce its fixed cost base by 30% and cut thousands of jobs as it looks to stay aloft in a market weakened by the coronavirus pandemic.
FILE PHOTO: A closed counter of the German travel company TUI is seen at the Helmut-Schmidt-Airport during the outbreak of coronavirus disease , in Hamburg, Germany March 16, 2020. REUTERS/Fabian Bimmer
Travel restrictions aimed at stopping the spread of the novel coronavirus have grounded aircraft worldwide and stopped holidays, with airline bosses saying international travel will take as much as three years to return to normal. The company, which operates a fleet of aircraft, said restructuring would be across its business and that there could be divestments and aircraft deferrals.
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