| LONDON — British tour company Thomas Cook collapsed early Monday after failing to secure emergency funding, leaving tens of thousands of vacationers stranded abroad. The British government said the return of the 178-year-old firm’s 150,000 British customers now in vacation spots across the globe would be the largest repatriation in its peacetime history. The process began Monday and officials warned that delays are inevitable. The Civil Aviation Authority said Thomas Cook has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the U.K., will lose their jobs. The company several months ago had blamed a slowdown in bookings because of Brexit uncertainty for contributing to its crushing debt burden. The company had said Friday it was seeking 200 million pounds to avoid going bust and was in weekend talks with shareholders and creditors to stave off failure. The firm, whose airliners were a familiar sight in many parts of the world, also operated around 600 U.K. travel stores. https://nypost.com/2019/09/23/thomas-cook-leaves-thousands-stranded-after-financial-collapse/ |
''Enemies' gifts are no gifts and do no good.'' |
| I was just wondering the other day how physical travel companies still exist. I think I randomly thought about The Truman Show and then thought about the travel agency in the movie. There's another article (too lazy to find it now) about how specifically Thomas Cook failed. A lot of it had to do with debt, but there was a part that mentioned that most of their customers are over sixty-five years old and are lower on the socioeconomic ladder. I wouldn't be surprised if there are young adults (or younger) who don't know that physical travel companies are even a thing because going to a shop to book a trip seems very antiquated and unintuitive these days. |
heg said: I think it's been dragging since 1993. They were the oldest travel firm in the world, that means they had difficulties to adapt to the new market and a load of conservative corporativism, package holidays is no longer a thing.Brexit related effect? or something else? The truth is they had a hard time with the online competition like AirBnB and Trivago, much more convenient and easier to book trips with better prices. To finish it already, they needed another 200 million pounds on top of a 900 million pound package it had already agreed, to see it through the winter months when it receives less cash and must pay hotels for summer services. |
''Enemies' gifts are no gifts and do no good.'' |
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