Hanover-based TUI Group on Sunday announced that it was suspending, in line with government guidelines, 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,” the travel giant said in a statement.
The company added that its executive board had decided to withdraw its 2020 financial year guidance and it would refrain from issuing new guidance under the current circumstances.
TUI said it would apply for state aid guarantees to support the business until normal operations are resumed.
“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,” the statement said.
“The Group has cash and available facilities of approx. 1.4 billion euros and year-to-date performance had been in-line with expectations prior to Covid-19. We are taking substantial cost measures to mitigate the earnings effect.”
TUI Group operates in more than 100 destinations worldwide.