TUI: suspends vast majority of travel operations
(CercleFinance.com) - German tourism company TUI said that it will suspend the vast majority of its travel operations, until further notice, due to the escalation of the COVID-19 outbreak.
In line with government guidelines, the group plans to suspend the vast majority of all its package deals, travel, cruise and hotel operations in response to the outbreak.
In light of this situation, TUI has decided to withdraw its FY 2020 guidance as communicated in February.
The group said it currently has approximately 1.4 billion euros of free cash.
The London-listed shares were collapsing, down over 31% after these announcements.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
In line with government guidelines, the group plans to suspend the vast majority of all its package deals, travel, cruise and hotel operations in response to the outbreak.
In light of this situation, TUI has decided to withdraw its FY 2020 guidance as communicated in February.
The group said it currently has approximately 1.4 billion euros of free cash.
The London-listed shares were collapsing, down over 31% after these announcements.
Copyright (c) 2020 CercleFinance.com. All rights reserved.