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Description

Thomas Cook - the world's oldest travel firm - is getting smaller. It's closing 200 shops and 500 hotels in a bid to cut debt and restore investor confidence - 660 jobs are at risk. The firm's full year operating profit was 304 million pounds - slightly lower than forecasts - shares fell more than seven per cent on the news. The future of Europe's second-biggest travel firm by sales has been in question since it asked its lenders to come to its rescue twice in five weeks.