Thomas Cook airlines is likely to cut 430 jobs as they will cut their fleet size to save on costs.
The UK’s second-biggest travel company aims to reduce the number of planes it operates from 35 to 31, returning four aircraft at the end of their lease term.
The cuts will most likely be across the board, and will include pilots and cabin crew.
‘The group, which was recently forced to turn to its banks for an additional £200million of loans, has scaled back the size of its own airline in the past year and entered into a partnership with easyJet.
Christoph Debus, group head of air travel at Thomas Cook, said: “This is a very difficult decision, but necessary to deliver a successful transformation and build a sustainable business for the future, which will continue to offer opportunities for the 2,700 people employed with us after these proposed changes.”’
As well as reducing its aircraft fleet, it has sold five Spanish hotels and its Indian arm as part of the strategy to reduce its debt mountain of around £1billion.
The airline has not specified which planes will be returned to their lessors.