March 20, 2013 / 3:56 PM / in 5 years

Thomas Cook sells North American unit for 3.4 mln stg

LONDON, March 20 (Reuters) - British travel firm Thomas Cook has agreed to sell its North American business to Canada’s Red Label Vacations Inc for 3.4 million pounds ($5.14 million), it said on Wednesday.

The 172-year-old group said the sale of Thomas Cook North America, made up of Thomas Cook Canada and Thomas Cook USA, would be complete by May 31, 2013.

Thomas Cook, which has struggled over the last two years with a slump in sales that has forced it to renegotiate bank loans and sell businesses, said the proceeds of the deal would be used to lighten its 788 million pounds debt load.

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