The Tui Group is looking to cut up to 8,000 roles worldwide with the firm calling Covid-19 the “greatest crisis the industry… has faced”.
The Anglo-German posted loses of 845.8 million euro (£747m) in the first half of 2020, compared to 289.1 million (£255m) in the same period 12 months previously.
The company said: “We are targeting to permanently reduce our overhead cost base by 30% across the entire group.
“This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced.”
— TUI Group (@TUIGroup) May 13, 2020
Fritz Joussen, chief executive of the firm, said the company should “emerge from the crisis stronger”.
He added: “It will be a different Tui and it will find a different market environment than before the pandemic.
“This will require cuts: in investments, in costs, in our size and our presence around the world.
“We must be leaner than before, more efficient, faster and more digital.”
The company’s report said: “The tourism industry has weathered a number of macroeconomic shocks throughout the most recent decades, however the Covid-19 pandemic is unquestionably the greatest crisis the industry and Tui has ever faced.”
It added that loses were also borne as a result of the grounding of the Boeing 737 Max aircraft after two crashes with other airlines.