Thomas Cook is to axe 2,500 workers

On the high street 195 stores are to be closed with the loss of 1,600 posts, while around 930 people will lose their jobs at offices nationwide.

The move is part of Thomas Cook's efforts to turn around the business after a string of poor results, including "unacceptable losses" of £590 million in November last year.

The company says it also reflects more customers using the internet and call centres to book their holidays, rather than high street shops.

The company, which employs 15,500 people and will still have 874 high street branches, said it was breaking the news to staff today.

No details have yet been revealed about which stores will close, but shopworkers union Usdaw said today it affected 119 former Co-op Travel and Midlands Co-op Travel stores merged into Thomas Cook in 2010.

Another 76 Thomas Cook stores are also set for closure, but it is not known if branches in the Wulfrun Centre and another in Church Street, Wednesfield are affected.

Usdaw national officer Sharon Ainsworth said today: "We were well aware of the challenges that Thomas Cook have been facing in turning their UK business around, but the scale and severity of these redundancies will come as a real shock to our members."

Thomas Cook has already sold off hotels and parts of its aircraft fleet as part of £100m cuts in its turnaround plan. It has also already closed 149 stores nationwide.

Europe and UK chief executive Peter Fankhauser said today: "It is never easy to make decisions that impact directly on our people, but we also owe it to our customers to shape the business effectively and ensure that, when they book their holiday with us, our administrative costs are as low as possible.

"As we improve and develop our online capabilities, maintaining a strong presence on the high street is an important part of our omni-channel strategy. Even after these changes we will still have one of the largest retail networks in UK travel.

"It is essential that we operate with the right number of people as we move forward into the next era for our company, allowing us to meet the future needs of our customers more effectively.

"These proposals will mean a stronger Thomas Cook that continues to be a major employer in the UK dedicated to providing excellent holiday experiences to our 23 million customers.

"We are in consultation with our unions and employee representative bodies to minimise the impact of these changes and I am speaking personally to all employees today to provide information and support through this period of consultation."