U.K.-based Thomas Cook Group is considering selling its
airline division, which includes the Thomas Cook and Condor brands.
"We recognize that we need greater financial
flexibility and resources to accelerate the execution of our strategy of
differentiation: to invest in strengthening our own-brand hotel portfolio,
further digitizing our sales channels and driving greater efficiencies across
the business," CEO Peter Fankhauser said in prepared statement.
As a result, Fankhauser continued, Thomas Cook has begun a
strategic review of its airline division.
"We are at an early stage in this review process, which
will consider all options to enhance value to shareholders and intensify our
strategic focus," he said.
Fankhuaser's announcement coincided with Thomas Cook reporting
an operating loss of 60 million British pounds during the first quarter of its
fiscal year. The airline group, however, has performed well, reporting an operating
profit in 2018 of 129 million pounds.
The fleet of 103 Thomas Cook and Condor aircraft fly to
leisure destinations around the world, including the U.S.
In addition to the airlines, Thomas Cook owns several tour operators/vacation packagers, resort brands and travel agencies.