
Travel firm Thomas Cook said Wednesday that it had identified another £50 million ($75 million, $57 million) of cost savings as part of its ongoing restructuring plans. Thomas Cook said in a statement that this would take its total cost savings to £350 million so far. \"Our business transformation plans are ahead of schedule and already delivering substantially improved performance,\" said chief executive Harriet Green in the statement. \"We have exceeded our initial commitments and today announced a further £50 million of cost out actions, bringing the total profit improvement actions identified already to £350 million, £290 million of which is still to come.\" Wednesday\'s announcement came one week after the group revealed that it would axe 2,500 jobs in Britain, mostly in administration functions and its retail network. Those cuts comprised 16 percent of the group\'s total workforce of 15,500 people in Britain and Ireland. \"Stabilising the business has been our priority through addressing our cost and cash challenges, and strengthening the leadership team to create a more effective, aligned organisation focused on rigorous execution,\" added Green in Wednesday\'s statement. Earlier this month, Thomas Cook announced that it had decided against selling its loss-making French division. The London-listed company had posted annual net losses of almost £586 million in November, as the group was hit by the combined impact of the eurozone debt crisis, Middle East unrest and high fuel costs.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor