German airline Condor to cut up to 1,000 jobs

Former Thomas Cook Group airline has had its wings clipped by the coronavirus

Condor, the German airline bought out from the Thomas Cook Group, will cut "between 650 and 1,000 jobs", or between 15%-25% of the total, chief executive Ralf Teckentrup told German newspaper FrankfurShow more

German airline Condor will cut about 15 to 25 per cent of its staff in an attempt to slash operating costs amid the ongoing coronavirus crisis, chief executive Ralf Teckentrup told the Frankfurter Allgemeine Sonntagszeitung newspaper.

The carrier, formerly owned by failed travel firm Thomas Cook Group, plans to shed “between 650 and 1,000 jobs,” a move Mr Teckentrup said was in line with measures put in place by the competition. Protective shield proceedings adopted before the Covid-19 crisis hit will probably last until the end of September, he said.

The company also plans a move to smaller headquarters, which Mr Teckentrup said he hopes will save about €1 million (Dh4.13m) per month.

“We no longer need room for employees who worked for our former parent, Thomas Cook,” he told the newspaper. “In addition, about 10 to 15 per cent of our colleagues will work in the home office on a permanent basis.”

Condor has been bailed out by the German government twice, with a state-guaranteed loan of €550m winning European Union approval in April. Mr Teckentrup said the crisis in the airline industry is likely to endure until 2024.

LOT Polish Airlines abandoned a planned takeover of the holiday carrier in the midst of the pandemic. Asked about his expectations for a new buyer, Mr Teckentrup said, “in the current crisis nobody is thinking about takeovers”.

A new sale process probably won’t start until the end of next year at the earliest, he said. Lufthansa would be an attractive buyer, according to Mr Teckentrup, adding the cartel office would be very critical. “I would even give LOT a second chance,” he said.