Thomas Cook has posted losses of £398 million for the year to September, following a major financial restructuring exercise with it's banks, taking an exceptional charge of £573 million into the figures. This follows a profit of £40 million last year.

Their bankers have agreed to grant Thomas Cook a £200 million facility until April 2013, to draw on while it turns the core business around and with underlying profit figures of £300 million before the charge, the future might not be as bleak as it looks at the moment.

They have currently earmarked the closure of a further 200 shops over the next two years, while disposing of assets to reduce their debt pile and the interest obligations that come with it.