Here it comes after long talks, Thomas Cook Group Plc has announced that it reached a deal with GE Capital Aviation Services (GECAS) and its one step closer to have a new shining fleet. Its fleet renewal programme is part of the tour operator’s turnaround strategy aimed at improving its dented performance.
On the 13th of March, British travel firm Thomas Cook informed that it aimed to improve its profits by around £350 billion by 2015 through its turnaround strategy. The 171-year-old UK tour operator plans to reduce the number of its stores, dispose non-core businesses and concentrate on online sales as it is trying to stand on its feet.
Thomas Cook Group PLC, which is the UK’s second-largest travel company, reported a £590 million overall annual loss. Even though Harriet Green, the new chief executive officer at Thomas Cook Group PLC, expressed her dissatisfaction regarding the loss, the company remains optimistic about its future. The UK’s travel company tries to reorganize itself to get back in the game. The high annual loss was caused by reduced capacity and higher fuel costs as well.