Thomas Cook Will Close 200 Travel Stores, Cut Planes, Times Says

Nov. 20 (Bloomberg) -- Thomas Cook Group Plc will close about 200 of its travel agencies and reduce its aircraft fleet by six planes, the Sunday Times reported, without saying where it obtained the information.

Analysts expect the company to make “big” accounting writedowns this week and Sam Weihagen, interim chief executive officer, may order a review of its brand portfolio, the newspaper said. Recruiter Spencer Stuart has been appointed to find a new CEO, the paper said.

Thomas Cook will on Nov. 24 release results of its U.K. review announced earlier this year to “refocus the product strategy in mainstream package holidays, streamline the U.K. airline, improve yield management and operational excellence,” according to an e-mailed statement from a public affairs company representing Thomas Cook. It didn’t comment on the number of travel offices that would be closed.

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