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.
TUI Travel Plc, Europe’s largest tour operator, reported a wider first-half loss on a later Easter holiday and as it served fewer guests due to political unrest in Egypt and the conflict between Russia and Ukraine.
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, 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, 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.