Today over 600,000 travelers worldwide are left in a frenzy to scramble and make last minute arrangements as Thomas cook collapses as a whole. The airline unable to stay in the air due to outstanding debts that have been unpaid.
Today over 21,000 staff worldwide were left without jobs and without notice.
The questions the lingers on many is how could this happen?
Thomas Cook was originally founded back in 1841. The company was founded just close to 178 years ago and seeing the company fall was on the last of everyone mind. They were publically traded on the London Stock Exchange under the ticker TCG and has just ceased trading completely and entered into compulsory liquidation of all their assets.
If you are in the market for any Airbus A321 they own about 57 of them currently all of which are currently going to be sold off the recover the losses of their outgrowing debt. The collapse of the company began late last night as the UK began to Impound their aircraft for not having paid Airport charges.
Shortly after the holding of the aircraft the Civil Aviation Authority officially announced that ceasing all operations for the airline will occur immediately.
This has certainly put insurance companies in a last minute frenzy to attempt to work with the hundreds of thousands of individuals that are now left stranded without any flights or hotel accommodations. This company operates primarily out of the United Kingdom but has services available in Germany, France, China, Norway, Russia, and a majority of other countries in the European Union.
Chief Executive of Thomas Cook, Peter Fankhauser commented on the subject
“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
– Thomas Cook Group
“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.
“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”
Although some can argue that this has been a concern for many investors in the past months as earnings have been very poor, these kind of events cannot be predicted. For an travel company to be in business since before the airline industry even existed is a notable achievement as is.
To see a travel company that has had such prominence and strength for almost two centuries fall apart just like that reminds investors that anything is possible.
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