Thomas Cook Group Plc, Europe’s second-largest tour operator, said business in Russia this year is better than planned, dismissing concerns the country’s annexation of the Crimea region may hurt the industry.
Thomas Cook Group Plc said it would sell a distributor of long-haul scheduled flights as the world’s oldest tour operator pared its first-quarter loss by 15 percent amid a three-year turnaround program.
Thomas Cook Group Plc and the Co- operative Group Ltd. plan to merge their U.K. travel and foreign-exchange units in a deal that will create a 1,200-store chain and save more than 35 million pounds ($55 million) a year.
Thomas Cook Group Plc, the 172-year- old tour operator that required an emergency loan 18 months ago, plans to raise 1.6 billion pounds ($2.4 billion) to restructure its borrowings as it cuts jobs and closes stores to pare costs.
Thomas Cook Group Plc, Europe’s second-largest tour operator, plans to close about 200 U.K. shops and scale back its plane fleet as it seeks to rebound from an annual net loss of 521 million pounds ($808 million).
Thomas Cook Group Plc snapped two years of operating losses, sending the stock to its biggest gain in six months, after the 172-year-old U.K. tour operator cut jobs, streamlined brands and closed failing retail outlets.