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Thomas Cook are expected to slash prices by 40% as the travel firm struggles to halt losses. 650,000 holidays have been left unsold, according to the company after it warned its end of year results will be "at the lower end of market expectations" - excluding losses due to the ash crisis. "Softer than expected" bookings in the UK were blamed as a heatwave, the World Cup and a growing trend of 'staycationers' failed to take to the skies. However, it reported that 85% of its summer trips had been sold. Travel experts are predicting a "bloodbath" for last minute deals. The firm lost £81.9m in May's Icelandic volcanic ash scare. Group CEO Manny Fontenla-Novoa said: "We always expected this year to be challenging given the uncertain economic environment and the impact of the weak sterling on our UK business. In anticipation, we cut winter capacity, chose not to increase overall summer capacity, and have continued to address our cost base. Travel industry expert Bob Atkinson said last minute sun seekers could find 70% savings The Balearics, Spain and Greece are where the most bargains are to be found. Discounts of 30 to 40 per cent are being offered on self-catering packages in these destinations, and up to 20 per cent on all-inclusive. Mr Atkinson, of travelsupermarket.com, told the Daily Mail: "It will be a bloodbath for last minute deals, and it has already started. Tour operators are selling holidays at under £150 a week, and budget airlines are putting flights out at £10, £15 and £20 return".
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