Tour operator TUI has temporarily suspends the “vast majority” of all travel operations due to an outbreak of Covid-19 around the world.
A statement from the company said: “In this rapidly changing environment the safety and welfare of our guests and employees worldwide remains of paramount importance and thus TUI Group has decided, in line with government guidelines, to suspend the vast majority of all travel operations until further notice, including package travel, cruises and hotel operations.
“This temporary suspension is aimed at contributing to global governmental efforts to mitigate the effects of the spread of the Covid-19.”
In light of the move, the executive board of the Germany-based company has also decided to withdraw the financial guidance from 2020.
“Due to the unprecedented escalation of Covid-19, the board of TUI are continuously evaluating the situation and are considering a variety of actions to support our customers, colleagues and stakeholders,” added a statement.
TUI said it had cash and available facilities of approx. €1.4 billion and year-to-date performance had been in-line with expectations prior to Covid-19.
The company added it would apply for state aid guarantees to support the business until…