World’s oldest travel operating firm Thomas Cook collapsed on Monday, leaving at least 600,000 vacationers stranded across the globe.
The 178-year-old company several months ago had blamed a slowdown in bookings because of online competition, a changing travel market and geopolitical events and Brexit uncertainty for contributing to its crushing debt burden.
The firm had said on Friday that it was seeking 200 million pounds ($250 million) to avoid going bust and was in weekend talks with shareholders and creditors to stave off failure.
The sudden demise of the company has left people shocked across the world.
World’s oldest tour operator Thomas Cook collapses leaving 1.5 lakh travelers stranded
Meanwhile, Thomas Cook (India) on Monday released a statement clarifying that it is a completely different firm since August 2012. It was acquired by Fairfax Financial Holdings (Fairfax), a Canada-based multinational via a 77 percent stake in 2012.
Post the transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited.
“Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited,” the statement said.
Thomas Cook collapse ‘big, big blow’ to Goa tourism
The demise of Thomas Cook marks the end of one of Britain’s oldest companies that started life in 1841. With it’s collapse, the firm has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs. The firm has been running hotels, resorts and airlines for 19 million people a year. The company has 1.7 billion pounds ($2.1 billion) of debt.
