Thomas Cook collapses
 

Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed.

https://www.bbc.co.uk/news/business-49791249

Sadly its demise was inevitable as fashions change.

Re: Thomas Cook collapses
 

This is a massive blow to travel industry. A big brand like this collapsing. 21,000 jobs in 16 countries, 9,000 in UK alone. 150,000 customers stranded abroad. Civil Aviation Authority ordered to undertake largest repatriation, in peace time history.

Re: Thomas Cook collapses
 

No doubt about that but the writing had been on the wall for quite a few years now as the company found it increasingly hard to service their huge debt burden as well as failing to adapt to the changes in the holiday market..

Some questions are answered here below for anybody who has a holiday with Thomas Cook.


https://www.theguardian.com/business...tions-answered

Re: Thomas Cook collapses
 

All explained here.

https://thomascook.caa.co.uk/

Re: Thomas Cook collapses
 

Sad news for a company that existed in several incarnations since 1881..and a blow to employees and customers.

Re: Thomas Cook collapses
 

We flew home from Mexico with them only yesterday and one of the stewards was saying he'd worked for them for over 20 years and when he put his uniform on yesterday morning he cried. I feel so sorry for all those who've lost their jobs this morning.

Re: Thomas Cook collapses
 

Knock on effect, or people taking advantage to make extra cash?

Daughter is currently on holiday in Spain, not booked through Thomas Cook.

There was a meeting at the hotel this morning where they were told that, although many were not booked through TC, there would now be no return transfer from the hotel to the airport.

Awaiting further news . . as it could be , probably is, total confusion over there at this time.

Re: Thomas Cook collapses
 

Hate to mention the 'B' word, but it was a factor. https://speakerpolitics.co.uk/analys...ge-of-collapse

Re: Thomas Cook collapses
 

The Thomas Cook collapse is going to have a significant ripple effect right across the industry as its collapse is going to ricochet right throughout Europe.

Many businesses are owed huge amounts by Thomas Cook.

Re: Thomas Cook collapses
 

What I don't understand about these companies is that the customer pays up front for the hotel, sometimes months in advance, and hotels don't get paid until weeks after their stay. Sympathy for the staff and customers, but not for their business set up. It leaves customers and hotels having holidays on a best endeavours 'promise'.

Re: Thomas Cook collapses
 

Why is the CAA / HM Government arranging the return flights and not ATOL?

Re: Thomas Cook collapses
 

Link
Link

Re: Thomas Cook collapses
 

The company was going down the toilet years before any mention of Brexit .

Re: Thomas Cook collapses
 

Only needed a push though, didn't it ? Exchange rates plummeting will have been a significant factor.

Re: Thomas Cook collapses
 

I'll give you points for trying but your not even in the right ball park.

Re: Thomas Cook collapses
 

Re: Thomas Cook collapses
 

Our holiday to Cyprus a few years back used Thomas Cook Airlines but booked elsewhere. On way home we took own food on to not have to pay for nasty microwave food.

It is sad for those affected though.

Re: Thomas Cook collapses
 

On that l agree totally as l wish some would not bring Brexit into other threads.

Re: Thomas Cook collapses
 

People don't tend to go into a travel agents shop any more,they organise the holiday flights/ hotel /food etc themselves [on tinterweb ]and save lots of money doing so, the business model for TC is not compatible with the world we now live in.

Re: Thomas Cook collapses
 

Exactly as all our family use the internet to book their holidays as only a few weeks ago my younger brother saw a really good offer for a 5 day stay in Budapest on the web and later that day booked it.

Re: Thomas Cook collapses
 

Though if you book bits separately you don't get ATOL protection. And sometimes the local rep is so good it's worth it. We've found that a few times and the rep we had in Cyprus was really special we keep in touch with.

We have also had travel agents find packages not generally available or can negotiation on you behalf - good to talk to someone face to face if you are spending thousands on a holiday.

Re: Thomas Cook collapses
 

Passengers will be fine and will get home. It is more the staff I am worried about. Thousands of jobs gone.


It does make you think though that people should take out travel insurance and in some cases other insurances such as for a wedding. When you are spending mega money you need to spend a little extra to be covered.


Those that have booked holidays will be ATOL protected and though you may get a little inconvenience you will still get home.




They failed to see they did have competition from others and having recently had an all inclusive with Jet2, I can say I got a much better deal than with Thomas Cook.


Let's hope some of the staff get snapped up just like Virgin took on a lot of Monarch staff.

Re: Thomas Cook collapses
 

You can sure the price of other package holidays will increase. Less competition and less holidays to go round. About time people took their holidays in this country, we've got the best coastline in the World.

Re: Thomas Cook collapses
 

ATOL is run by the CAA.
https://www.caa.co.uk/ATOL-protectio...rs/About-ATOL/

Re: Thomas Cook collapses
 

Indeed we do have a beautiful coastline in this country especially down in Devon and Cornwall.;)

Re: Thomas Cook collapses
 

Oh I know Den, I had a great holiday down there last year :)

Re: Thomas Cook collapses
 

We also have some beautiful inland waterways ideal for boating holidays.

Re: Thomas Cook collapses
 

Europe has nice coastlines in places with warmer weather though. :D

Re: Thomas Cook collapses
 

Norfolk Broads for one although its important to know what one is doing.;)

Re: Thomas Cook collapses
 

Terrible news for the poor staff, suppliers and customers.

Interestingly, the brand lives on in India as Thomas Cook India was sold to a Canadian company in 2012. https://www.thomascook.in/

Re: Thomas Cook collapses
 

Badly run company fails.............

Re: Thomas Cook collapses
 

It was hardly badly run, it ran up huge debts while handing out money right left and centre to shareholders and directors. All profiting from mergers and acquisitions along the way. That's what a company is run for, is it not? Squeezing money out for shareholders.

Re: Thomas Cook collapses
 

Fat cats spring to mind yet again as l have nothing against money being shared out when a company is doing well financially but the company had been in financial trouble for nearly a decade..

Re: Thomas Cook collapses
 

That's capitalism Den, as long as you're not the one left holding the baby them the job is a good one. Creditors and Government will take the hit, partially cover the pension scheme, etc.

Re: Thomas Cook collapses
 

That's assuming it hasn't already been emptied on the quiet.

Re: Thomas Cook collapses
 

What a wonderful world we live in....

Re: Thomas Cook collapses
 

Some financial details on Thomas Cook.

https://www.cityam.com/thomas-cook-t...tter+June+2019

Re: Thomas Cook collapses
 

Part of that simply isn't true. While less and less people are going into shops people are still booking package holidays online with tour operators. It's not necessarily true that it's cheaper to book separately and go independent.

Re: Thomas Cook collapses
 

But how much of that debt originated from decisions taken more than 10

years ago?
Link

A large chunk of the debt is related to MyTravel, bought in 2007.

Link

Re: Thomas Cook collapses
 

Ok point noted :tu:

Re: Thomas Cook collapses
 

A substantional amount l would say.

Re: Thomas Cook collapses
 

I also dislike this EU compensation law, it just seems ridiculous and cant be helping the situation.

Re: Thomas Cook collapses
 

But not the weather to go with it, thats one of the problems.
Its also quite expensive, you can book a holiday in Spain for the same [or less] as one in Devon.

Re: Thomas Cook collapses
 

Probably quicker to get there as well :)

Re: Thomas Cook collapses
 

Co-op pulled a blinder when they sold their travel agents chain to Thomas Cook. In December 2016 - therefore recently - Thomas Cook paid £56m to buy out the Co-operative in the joint venture, the two companies having previously merged their travel agency chains.
https://news.sky.com/story/co-op-tra...-sale-10685097

Re: Thomas Cook collapses
 

We tend to go on daytrips a lot but then we live on the border of Devon and Cornwall and can make a decision quickly based on the weather forecast.

Although last year the family had a 5 day caravan stay in Mullion and it was just as warm as Spain.:)

But l agree Spain can be cheaper and the weather is more consistent but that is a no no for me because of the cost of health insurance.

Re: Thomas Cook collapses
 

We went to Devon about 10 years ago, and it took us 12 hours :erm: not really bothered about doing that again. :sleep:

Re: Thomas Cook collapses
 

Like I said badly run.

Many ways to grow a business, one is organically over time slow and steady. Another is to leverage you business borrow against it and buy another suitable business instantly increasing your consumer base but crucially also your overhead. You have to cut your overhead as quickly as possible through rationalising your back office, your systems and your people.


If you don’t do that you’ve achieved nothing. They made acquisitions and failed to rationalise, increased their debt, been done a thousand times before. Therefore Badly run.

Jet 2, Tui, Virgin, and a host of other operators will fill the void. I agree the long termers with substantial pensions and who may have hoped one day for pay out at the end of their time are big losers.

---------- Post added at 18:43 ---------- Previous post was at 18:42 ----------

Perhaps we should nationalise the tourism industry?

A ministry of joy? I believe Hitler had one of them, and was a socialist too!

Re: Thomas Cook collapses
 

No he didn’t*, and no he wasn’t.

You are confusing someone using a word to gain support, and someone who actually is something.

You know, like the Democratic People’s Republic of Korea, or the Germans Democratic Republic, or the Democratic Republic of the Congo, or the words above the Auschwitz gate "Arbeit Mach Frei".

*you may be thinking of the "Joy Division", who were young women held in concentration camps who were raped by the guards.

Re: Thomas Cook collapses
 

Nazi? National Socialist.

I know what the joy division was, that isn’t what I meant. I know my WWII history.

I was referring to the state run Nazi leisure organisation Kraft Durch Freude

https://en.m.wikipedia.org/wiki/Strength_Through_Joy

**Edit**

Ok I agree that the Nazis were a perversion, but they still embodied a position of socialism, far right, far left - I don’t care. Socialism of any form has failed time after time. Give me compassionate capitalism every time, with equality of opportunity.

And you were obviously wrong on the other point too.

Re: Thomas Cook collapses
 

Thomas Cook was nationalised from 1948-1972.

Re: Thomas Cook collapses
 

Good shout, as part of the nationalisation of the railways.

Tellingly, de-nationalised well before it became fashionable.

Re: Thomas Cook collapses
 

Rival buys all 555 Thomas Cook stores.

https://www.bbc.co.uk/news/business-49985369