TUI Group

Lifestyle • Travel
Covid-19 causes huge losses for German travel giant TUI
Covid-19 causes huge losses for German travel giant TUI
Credit: Marco Verch (Creative Commons Attribution 2.0)

TUI, the world's largest travel operator, suffered a 98.5% drop in revenues due to Covid-19 restrictions. The group posted a €1.42 billion loss between April and June.

On Wednesday, TUI secured a second credit line from the German government, adding to a €1.8 billion loan taken on in April, and while the CEO said it might not need to use the latest line, the focus is now on debt.

In May the company stated it would need to cut 8,000 jobs and save €300 million a year to help it withstand the crisis.