178-year-old travel group Thomas Cook collapsed leaving 6 million tourists stranded around the world
- UK government leases aircraft to return 1.5 lakh people.
- Thomas Cook was started in 1841, a debt of 15 thousand crores on the group.
- Thomas Cook India said – Indian operations will not be affected, nothing to do with bankrupt group
Britain’s travel group Thomas Cook declared bankruptcy on Sunday. The 178-year-old Thomas Cook has a debt of 1.7 billion pounds (15 thousand crore rupees). £ 200 million (Rs 1766 crore) was urgently needed to continue operations. The company said that despite all efforts, agreements with new investors could not be reached. Therefore, a decision had to be taken to file for bankruptcy. Thomas Cook was providing hotel, resort and airline services to 19 million people every year in 16 countries. According to the news agency, some reports have revealed that the closure of Thomas Cook has trapped 6 lakh tourists worldwide. 1.5 lakh of them are from the UK.
People’s biggest return after World War II: Britain
- Britain’s Transport Secretary Grant Shapes said dozens of chartered aircraft were hired. So that UK travelers can be transported home. They will not be charged. The government says that this will be the largest return of travelers in the history of Britain after the Second World War.
- Thomas Cook’s travel agencies shut down, making 22,000 of its workers unemployed worldwide. 9 thousand of them are from Britain. Thomas Cook reported in May that summer vacation bookings declined because of Breguit’s uncertainties. This increased the deficit. The group has 600 stores in the UK. They came under pressure due to online competition.
- Thomas Cook started in 1841 as a travel company. At that time the train operated between cities in Britain. Tours were started in Europe in 1855 and America in 1866. Air tour was started in 1927.
- Two years ago, after the closure of Monarch Airlines, the UK government had arranged to take 1.10 lakh passengers home by hiring an aircraft. It cost 60 million pounds.
- Thomas Cook India Limited (TCIL) says that the Thomas Cook UK bankruptcy will not affect the Indian operations. It has nothing to do with the bankrupt group. Thomas Cook India was acquired by Fairfax Financial Holdings Company of Canada in August 2012. Thomas Cook was no longer a UK promoter after TCIL’s transfer to Fairfax. It has no stake in TCIL.