One of the world’s most veteran travel firms, Thomas Cook, suffered a complete collapse on the Monday of this week. Such an old company collapsing has stranded over a hundred thousand vacationers and creating one of the largest repatriation crises ever recorded for the British government.
Peter Frankhauser, the CEO, portrayed his extreme regret about the subject matter. His company had gone under after a failure of procuring rescue packages from the company’s lenders.
The United Kingdom CAA had confirmed that the old company had fully ceased all forms of trades. The CAA and the UK government are going to make a group effort to try and bring back the 150K people that Thomas Cook had stranded by going under.
Frankhauser further expressed his deep sense of regret about the matter via a statement that he gave the press on Monday’s early hours. He apologized to his massive customer base and to the thousands of people that relied on his company for work.
He stresses his regret that he and his company did not succeed in being profitable.
The UK government and the CAA explained that, as a result of the company going under, all flights made by the company has been canceled as well. They consider disruptions to be unavoidable in this tragic event.
The end of a 160 plus year company
Thomas Cook had been in operations since 1841 when they were nothing more than managers for the local railways. It had since withstood both the First and Second World wars, and had been pioneering packages for holiday goers within Europe, and eventually even further.
The firm had hotels, airlines and even resorts under its vast name. It housed more than nineteen million tourists each year, within the bounds of a whopping sixteen countries. It had over six hundred thousand individuals abroad, which only further complicates the massive rescue operation the government and various companies have to undertake.
Social Media has given images of the planes of this old company diverted and subsequently abandoned the moment they landed.
Old and Unable to Adapt.
Thomas Cook is a story of an old beast not being able to change. Online services, a constantly shifting travel market and simple politics across the globe had taken its toll on the company. Even the recent heatwave that struck Europe had destroyed many a plan to go on vacation simply because of the sheer heat. This all culminated into a crippling debt of over 1.7 billion English Pounds.
The bigger they are…
With such a large corporation going under, chaos has the potential to rise up in the aftermath of its collapse. With countless vacationers now stuck in the hotels that stretch as far Gao, Greece, and even Gambia.
This large company collapsing harbors the potential to affect whole economies that relied on Thomas Cook, for example Turkey or Spain. Fuel companies can lose massive amounts of capital. Even the humble Travel Agencies across England will be forced to close shop if they relied on Thomas Cook.
Luckily for the stranded 150k tourists across the globe, the UK government and the CAA have already started to come up with plans to use other travel firms to facilitate the return of their citizens. Germany, one of Thomas Cook’s largest tourist destinations, will even have the help of its insurance companies.