BERLIN, May 13 (Xinhua) -- Europe's largest tourism group TUI intends to cut around 8,000 jobs due to the collapse of business caused by the coronavirus pandemic, the company headquartered in Hannover announced on Wednesday.
"TUI should emerge from the crisis stronger. But it will be a different TUI and it will find a different market environment than before the pandemic," said Chief Executive Officer (CEO) Fritz Joussen.
The coronavirus crisis requires cuts in investments, in costs, in the company's size and presence around the world. "We must be leaner than before, more efficient, faster and more digital," added Joussen.
TUI had been "on track" for the first five months of fiscal year 2020 but had to suspend operational travel activities in mid-March due to COVID-19 and the resulting worldwide travel bans.
Between Oct. 2019 and Feb. 2020, the company's turnover increased by six percent year-on-year to six billion euros (6.5 billion U.S. dollars), TUI said on Wednesday.
"We were very successful economically before the crisis and will be again after the end of the crisis," Joussen said.
TUI said it was ready for an early resumption of travel activities in Germany and Europe. Currently, a ten-point catalog for "increased hygiene and protection measures" at TUI is being implemented worldwide.
"The season starts later but could last longer. For 2020, we will also reinvent the holiday. New destinations, changed travel seasons, new local offerings, more digitalization," Joussen said.
Due to the ongoing pandemic and the continuing worldwide travel restrictions, TUI is currently unable to issue a new forecast for the 2020 fiscal year. It withdrew the original forecast in mid-March.
