Bankruptcy of the oldest travel agency
On September 23, 2019, the oldest travel agency, Thomas Cook, filed for bankruptcy. A liquidator has been appointed to carry out the forced liquidation of the company. Currently, efforts are being made to bring some 150,000 British customers into the country, which can take up to two weeks.
Because of its debt, the company turned to lenders and shareholders for help of £200 million to avoid bankruptcy.
Thomas Cook owned numerous hotels and hotel complexes around the world, as well as 4 airlines. The company employed 21,000 people worldwide, including 9,000 in the UK.
The financial problems of the travel agency were caused by the financial problems of the travel agency:
- exceptionally warm summer of 2018, which resulted in fewer last minute bookings;
- the political situation in countries that are popular destinations;
- uncertainty resulting from the brexite;
- competition from online travel agencies and low-cost airlines;
- an increasing number of customers organizing their trips themselves.