Travel firm Tui has warned that up to 8,000 jobs will go as it seeks to cut costs by 30% because of the coronavirus pandemic.
The firm said its turnover and earnings would be significantly lower in the current financial year, with cost savings only partly compensating for the slump.
Tui was forced to cancel the majority of its travel programme in March.
It has since received 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 normally employs 70,000 people during the summer holiday season and 60,000 in quieter months.
It said its restructuring would affect its airline business and would also involve selling off “non-profitable activities”.