Thomas Cook Shuts Down With Immediate Effect, Thousands Stranded

UK News

The British tour company, Thomas Cook has collapsed with immediate effect after its failure to secure rescue funding.

Written By Aanchal Nigam | Mumbai | Updated On:
Thomas Cook

British tour company, Thomas Cook has collapsed on September 23, with immediate effect after its failure to secure rescue funding, and travel bookings for more than 6,00,000 global travellers. According to the British government, it would be the largest deportation in its peacetime history when all 150,000 British travellers abroad, will return. The process of repatriation is planned to begin later today and officials said that delays are inevitable. The Civil Aviation Authority has also said that Thomas Cook has ceased training and its all four airlines will be grounded. This collapse has resulted in the loss of jobs for 21,000 employees in 16 countries and out of which 9,000 are in the UK. 

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Company's slowdown

Several months ago, Thomas Cook faced a slowdown in bookings amidst the uncertainty created by the Brexit. These tensions contributed to crushing the 178-year-old with the burden of debt. On September 20, Thomas Cook had announced that it was seeking funds worth $250 million in order to avoid losing all the money. The British Tour Company was also in contact with shareholders and creditors to fight its failure. Thomas Cook's airliners which were operated around 600 UK travel stores and have made their appearances usual in many parts of the world. 

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'Deeply sad day'

The chief executive of Thomas Cook, Peter Fankhauser said that today marks a “deeply sad day” for the company which made one of its kind travel packages for millions in the world. Fankhauser also informed that a deal had been agreed to a great extent but an additional facility which was requested in the last few days introduced an invincible challenge for the company. The chief executive has also made a statement to apologize to the millions of customers and thousands of employees. The Civil Aviation Authority also made a statement saying “some disruption is inevitable” but they will help people reach home.

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(inputs from AP)

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