British Travel Company Thomas Cook Collapses

Sparta Report | 9/23/2019 | Radius
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British travel company Thomas Cook collapsed late Sunday evening, leaving over 150,000 British travelers stranded at various ports of call around the world.

The 178-year-old travel company issued a brief statement via its Twitter account.

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A trip to Thomas Cook’s website repeats the message that the company has ceased operations, and directions visitors to a website set up through Britain’s Civil Aviation Authority for further information.

Thomas Cook has faced many financial difficulties in recent years, which culminated in a 900 million pound rescue deal from the firm’s largest investor-Chinese firm Fosun-back in August. Recently, however, banks demanded that Thomas Cook raise an additional 200 million pounds in contingency funding. Thomas Cook entered compulsory liquidation when the additional requirement caused its deal with Fosun to fall through.

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While the company itself has blamed many factors-including Brexit-for its collapse, British travel expert Simon Calder states that Thomas Cook just “wasn’t ready for the 21st century:”

“Now everybody can pretend they are a travel agent. They’ve got access to all the airline seats, hotel beds, car rentals in the world and they can put things together themselves.

Mr - Calder - Travel - Editor - Independent

Mr Calder, travel editor at The Independent, added that planes at the airport began to be impounded shortly after 00:00 BST.

While the company was closing shops to try and cut costs, closing 21 in March, it still had more than 500 outlets,...
(Excerpt) Read more at: Sparta Report
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