StockMarketWire.com - Travel company Thomas Cook said it would close 21 stores in the UK and cut 320 jobs.

The store closures would reduce the company's UK store numbers to 566 and directly involve 102 customer-facing roles being made redundant.

A further 218 store-based roles were proposed to be removed across the network following a review of the retail workforce.

A consultation process with the affected staff and their union representatives had begun.

Thomas Cook said the move came because online now accounted for 64% of its bookings.

'Today's announcement reflects the wider challenges seen on the high street, with more and more customers choosing to book online,' chief tour officer Will Waggott said.

'These measures will help us to drive greater efficiencies across Thomas Cook so that we relentlessly focus our resources in those areas that give us the greatest opportunity to make a difference to customers in our core holiday offering.'

'Looking ahead, we will be working to ensure that Thomas Cook is fit for the future, putting a rigorous focus on costs in a competitive environment while giving customers more reasons to holiday with the strongest brand in travel.'

At 9:50am: [LON:TCG] Thomas Cook Group PLC share price was -0.82p at 27.8p



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