Travel firm Tui has alerted that up to eight,thousands jobs will go because it seeks to chop costs by 30% due to the coronavirus pandemic.
The company said its revenue and earnings would be much lower in the current financial year, with cost savings only partly compensating for the slump.
Tui was forced to scrap most of its travel program in March. It has since got a €1.8bn (£1.6bn) state-backed loan in Germany.
“We are targeting to permanently reduce our overhead cost base by 30% across the entire group. This will have an impact on potentially 8,000 roles globally that will either not be recruited or reduced,” Tui said in a statement.
Tui usually appoints 70,000 people during the summer holiday season and 60,000 in quieter months.
It said its reorganizing would impact its business and would also involve selling off “non-profitable activities”.