TUI Group

Owners

History

2022: Mordashov gets sanctioned and transfers his stake in the company

In March 2022, the authorities Germany launched an investigation into the transfer of a large stake in Tui, Europe's largest recreation company, under Alexey Mordashov Western sanctions.

Tui said on March 18 that the German government was investigating the transfer by Mordashov's holding company Unifirm of 29.9% of its stake in the travel group.

The deal took place on February 28, the same day Mordashov fell under EU sanctions in connection with Russia's military operation in Ukraine.

2020: 11.5% job cuts

On May 13, 2020, TUI Group announced the reduction of 8 thousand jobs due to the COVID-19 coronavirus pandemic. In total, more than 70 thousand people work in the world's largest travel company, so it turns out that layoffs will affect about 11.5% of employees.

In order for us to return to successful development after the crisis as in the last few years, we must quickly carry out a restructuring, the TUI Group said in a statement.

The world's largest travel company TUI is cutting 8 thousand jobs

TUI Group announced the mass liquidation of working positions simultaneously with the publication of reports for the first half of the financial year. These documents also indicate that the company has planned a 30% reduction in costs due to the crisis in which the tourism industry found itself after the outbreak of a new type of coronavirus.

At the same time, presenting the financial results, TUI Group CEO Friedrich Youssen said that two months after the almost complete closure of all operations, the company is ready for an early resumption of operations in Germany and Europe. By May 13, 2020, 35% of tours and programs for the coming summer remain booked.

In addition, hotels on the island of Zilt in the North Sea and in Mecklenburg-Vorpommern will open their doors in the coming days. Hotel bookings for the summer of 2021 increased by 114%, booking cabins on cruise ships, according to the company, "at a normal level."

Demand for holidays is still very high. People want to travel... This season begins late, but it may last longer, - said Youssen.

He also added that in 2020 the vacation season will definitely change, new vacation destinations will appear, new offers in local markets, the rest period within the framework of tour packages will change. The season begins later, but may last longer, he stressed.^[1]

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