Holiday giant Tui is looking to cut up to 8,000 roles worldwide with the firm calling Covid-19 the “greatest crisis” the industry has faced.
The UK’s biggest tour operator posted losses 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 Anglo-German 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.”
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 losses also came as a result of the grounding of the Boeing 737 Max aircraft after two crashes with other airlines.
In a media conference call, Mr Joussen said the firm believes it can resume holidays in July at the latest.
Destinations such as the Spanish islands, Greece and Cyprus “are ready”, he insisted.
He said: “I think people have a strong demand to do these kinds of travels and I think we have the means to make it possible with reasonable safety.”
He said Tui has seen strong demand from UK holidaymakers bookings trips for this winter to destinations such as the Canary Islands and Egypt.
“The Canaries are very safe,” he added.