U.K. travel organisation Thomas Cook plans to chop approximately 2,500 jobs and shut down 195 retail travel agencies. The job cuts would amount to a 16% reduction in Thomas Cook’s 15,500-person workforce. “It isn’t easy to make decisions that impact directly on our people, but we also owe it to our customers to shape the business effectively and confirm that once they book their holiday with us, our administrative costs are as little as possible,” said Thomas Cook CEO Peter Fankhauser. “Even after these changes, we are going to still have among the largest retail networks in U.K. travel.”