By Chris Bradley
Thomas Cook is planning big job cuts after they have made big changes to the company. Last week they took out a loan of £200 million to secure the company and it has plans to close 200 shops which could mean that 1,000 jobs will be lost.
The company has been struggling and may need to use other methods to save money as well, these could include selling off some of their assets. This week will see Frank Meysman being made chairman and he will be reviewing the non-executive directors when he first steps in to the role.
The loan was secured on Friday when the company ran out of money and was near to collapsing. Many of its rival companies have been making digs at the firm and they will need to work hard to rebuild their reputation as a result of this. Sam Weihagen, the chief executive of the company issued an open letter after the loan had been approved explaining that the company was aware of the fact that many people had been talking about them and that they had been successful in their banking discussions.
He thanked those that had supported them and said that the company was now stronger and more confident and that customers wanting to choose them could feel secure and safe. He went on to explain that they were one of the largest travel groups and the most recognised and that they had been trusted for 170 years and so they hope to continue trading for at least another 170 years. He finished by thanking them for their support again.