Thomas Cook ceased operations worldwide.

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frank recktenwald

Guest
The government is ready to fly holidaymakers back to the UK if tour operator Thomas Cook collapses, Foreign Secretary Dominic Raab has said.

Mr Raab told the BBC's Andrew Marr Show contingency planning was in place to make sure no-one would be stranded.

But he dampened hopes of a government rescue bid for the firm.

Ministers did not "systematically step in" when businesses went under unless there was "a good strategic national interest", he said.

Mr Raab said he did not want to undermine the rescue talks that Thomas Cook is currently conducting with its biggest shareholder and creditors in the City of London.
https://www.bbc.com/news/business-49785426
 
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Stevie10

Guest
They will go bust, how can a company turn over 9 billion pound and be in such a financial situation. Long way home.
 
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beeza

Guest
They blame the weather..........and Brexit


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Cdn_Gringo

Guest
If Thomas Cook were a bank, no question a bailout would happen. Since they are a vacation provider, on that alone the failure of the company doesn't seem to rise to the level necessary for the UK Govt to feel compelled to bail them out.

If Thomas Cook says they are failing because of Brexit at least 3 more times, there certainly won't be any bailout and this will be example #1 of how the sky (in it's entirety) is going to come falling down when the UK leaves the EU - Trumpeted by the Govt opposition, all the pundits in the media and any other remainers who feel inclined to take to social media to spread their vision of the apocalypse.

This isn't the first big travel company to face bankruptcy and it will not be the last. It's a tough market to operate in as costs fluctuate regularly as fuel, resort fees etc change based on market conditions. Serving the commoners means having to have the lowest price and the most value for what you do charge. Not an easy thing to pull off if all of your customers have already visited 2 or 3 other providers to compare your prices to theirs.
 
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USA DOC

Guest
They blame the weather..........and Brexit


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For sure....If they don't make a.... BREXIT EXIT...deal soon...the vision of the British Politicos and business leaders...Sitting around on their dank island fussing with their suits, could become reality...British reading this are excluded......
 
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aviastar

Guest
World’s oldest touroperator went to bankruptcy today leaving 600 000 customers at destinations, company’s debt is around 2 billion USD. This will have a huge impact on the European tourism, the consequences will be the worst ever imaginable.
 
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frank recktenwald

Guest
Condor airlines is also part of Thomas Cook and in the Dutch newspaper it was mentioned that the airline is included in the bankruptcy but juts checking their website it says that they are still flying till further update.
 
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ogunjobi123

Guest
Im sorry as a American I never heard of Thomas Cook how much will this affect tourism to DR?
 
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MoeP

Guest
The immediate impact would be some canceled flights and some arriving half empty b/c all the packaged tourists are missing. If they manage to quickly restructure, sell off the profitable parts of the company and pay out insurance to customers, it may all be resolved before high season/the new year. If not, it could be a very bad season with fewer European tourists escaping the snow for Punta Cana beaches this winter. Worst case customers may lose 1.5 billion pounds already paid to TC with trvel dates in the next six months. Assuming about half of this would usually go to hotels etc at the destination, a lot of businesses might suffer. Of course most travel goes to southern Europe, Spain, Greece etc, but there high season just ended and soon travel to the carribbean usually picks up, very bad timing for DR.

And of course long term if they can't salvage parts of Thomas Cook: less competition, higher prices for European holiday makers.
 
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MoeP

Guest
Condor is one of the few profitable companies within Thomas Cook and it is likely they get a line of credit from German gov to keep up operations till they are sold. TuiFly and Lufthansa are reportedly interested.
 
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TropicalPaul

Guest
Evidently British Airways are already in the chase to get their hands on the aircraft and the take-off slots, especially at Gatwick which is 100% full to capacity. As Thomas Cook flies to Punta Cana several times every week, this may increase the BA frequency from Gatwick to Punta Cana. BA has gone up to 4 flights per week Jan - Mar 2020 and I think there's a strong chance that they will go to at least 4 or 5 a week.

It is hysterical how any business in the UK which is having a rough time is blaming Brexit. British Airways just made £2bn profit, one of their best results ever, so it's funny how Brexit hasn't affected them but had such a massive impact on Thomas Cook.
 
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Uzin

Guest
Evidently British Airways are already in the chase to get their hands on the aircraft and the take-off slots, especially at Gatwick which is 100% full to capacity. As Thomas Cook flies to Punta Cana several times every week, this may increase the BA frequency from Gatwick to Punta Cana. BA has gone up to 4 flights per week Jan - Mar 2020 and I think there's a strong chance that they will go to at least 4 or 5 a week.

It is hysterical how any business in the UK which is having a rough time is blaming Brexit. British Airways just made £2bn profit, one of their best results ever, so it's funny how Brexit hasn't affected them but had such a massive impact on Thomas Cook.
BA is part of a bigger conglomerate of airlines, it's not just the BA. Also Thomas Cook is the holiday specialist, it does not have many business or first class seats. People mainly buy flight with BA, they buy holidays with Thomas Cook, totally different cattle of fish.....

Brexit had a serious impact on Thomas Cook, they announced it many times in their profit warning - of course if you choose to ignore it like other Brexiteres is up to you...!
 
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flyinroom

Guest
This isn't the first big travel company to face bankruptcy and it will not be the last. It's a tough market to operate in as costs fluctuate regularly as fuel, resort fees etc change based on market conditions. Serving the commoners means having to have the lowest price and the most value for what you do charge. Not an easy thing to pull off if all of your customers have already visited 2 or 3 other providers to compare your prices to theirs.
This is true.
Having said that, the old adage...
The bigger they are, the harder they fall, will definitely come into play.
600,000 travelers stranded.
Over 20,000 employees at risk worldwide. (9,000 in the U.K)

There will be horrible scenes played out at destinations all over the place.
From experience I know that the hoteliers do not take kindly to getting stiffed.
Already there are reports of some hotels (in Turkey) demanding payment from the guests and locking gates so they cannot sneak out.
There will not be many destination reps willing to stick it out for big time abuse and no pay or job.
Chaos!
And yes Brexit will be thrown into the pot.
What a bloody mess.
Glad I'm not in the mix.
 
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Bryanell

Guest
Thomas Cook is a huge company more than 150 years old. A major part of their problem is that they couldn't keep up with changes in the holiday travel market, with more and more holidaymakers making arrangements, booking flights, hotels, tours etc., by themselves, directly on line, thereby cutting out the "middle man" tour operators and High Street travel agents. Another case of the Internet totally remodelling consumer activity........