Travel operator Tui has announced the loss of 8,000 jobs worldwide amidst rapidly dwindling cash reserves and grievous losses of €845.8m in the first half of this year.
The job losses come after the company reported that it needs to reduce overall costs by at least 30% to survive.
Covid-19 has had a devastating effect on the travel industry, inflicting heavy losses to airlines, hotel chains, and other leisure activities.
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