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24 Sep 2019

Biggest Name Of The Industry Collapsed Over 22,000 Jobless

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Big name in the industry of travel collapsed as Thomas Cook suddenly went bankrupt leaving many behind around 22,000 jobless and hundreds and thousands stranded at the airports.  

The UK Civil Aviation Authority announced at 2 am on Monday morning that the world’s oldest holiday company had gone into administration and that all flights and bookings had been cancelled.

Speaking to business today Chairman And Managing Director Menon said that while the company has the right to use the brand name Thomas Cook till 2024 company may revive the itself in some days to come. "It's important to wait and see how this pans out. We will do a detailed review over the next couple of weeks and decide what we want to do", added Menon. 

British travel firm Thomas Cook collapsed into bankruptcy on Monday, leaving some 600,000 holidaymakers stranded and sparking the UK's biggest repatriation since World War II.  

The 178-year-old debt-plagued group, which had struggled against the fierce online competition for some time and blamed Brexit uncertainty for a recent drop in bookings, failed to secure 200 million pounds (USD 250 million, 227 million euros) from private investors and collapsed in the early hours.

It is still too early to pronounce any judgement on the fate of the company as we have yet to see what comes more of the multi million company has to offer and what is left with it 

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