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.

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