Not having been able to raise the nearly 200 million pounds necessary for its survival, Thomas Cook had to give up. The British government refused to help him.
As the company's debt is not negligible (we are talking about about 1.7 billion pounds), creditors have lost patience. It has been the victim of fierce competition from low-cost tour operators that can be found on the Internet when it had existed since 1840.
This drop not only leads to 22,000 employees worldwide but also to 600,000 tourists currently on holiday, 10,000 of whom are French. A priori, all these holidaymakers should be repatriated safely in the coming days on other airlines since the company's aircraft are grounded (about a hundred). Fortunately, there is a solidarity fund included in the cost of travel to prevent these situations.
It is likely that the group's subsidiaries, particularly the French one, will be able to continue their activity until they are sold.
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