TUI cuts 8,000 jobs after horrific first quarter, €740 million loss

Travel company TUI was hard hit by the coronavirus crisis in the first quarter of this year, and as a result has to cut its workforce considerably. A total of 8 thousand jobs will be lost worldwide, TUI announced with its quarterly figures on Wednesday, RTL Nieuws reports.

TUI sales decreased by 10 percent in the first quarter, compared to the same quarter last year, to 2.7 billion euros. Profits decreased by 318 percent. The travel company suffered a net loss of 740 million euros, compared to a loss of 177 million euros a year ago.

The travel company hopes that the rest of the year will be better, and that travel within Europe will soon be possible again. TUI is ready to take all the necessary hygiene and safety measures, the company said. But so far 65 percent of all trips in the summer season have been canceled, according to RTL.

"The season starts later, but can also last longer," CEO Frits Joussen said.