London (CNN Business) TUI, the world's biggest tour operator, has announced plans to scale back its global operations and cut up to 8,000 jobs as it prepares for a weaker travel and tourism market following the coronavirus pandemic. TUI TUIFF 70,000 people worldwide. The company, which is headquartered in Germany, operates cruise ships, five airlines and more than 400 hotels, employing about70,000 people worldwide. It is now aiming to reduce its costs by 30%, which could shrink its workforce by up to 8,000 positions. TUI will emerge from the crisis a different company and "will find a different market environment than before the pandemic," it said, noting that it will reduce its presence around the world, and increase local and off-season offerings.

Source: CNN May 13, 2020 11:37 UTC