Thomas Cook is to cut 2500 jobs in Britain and close almost 200 stores as it attempts to revive its profitability.
Thomas Cook reported pre-tax losses of £485.3 million last financial year.
The travel agency blamed the loss on a "difficult trading environment" and higher fuel costs. It has already closed 149 stores.
The BBC reports Thomas Cook got into difficulty in 2011, when the unrest in the Middle East and North Africa affected its operations in Egypt and Tunisia.
The company has since struggled with high debt and the downturn in the global travel sector. It has debts of about £788 million.
In May 2012, the group secured a refinancing package worth £1.4 billion, giving it a further three years to repay its debts.