Thousands stranded after Thomas Cook collapse

The corporate collapse has the potential to spark chaotic scenes around the world, with hotels that have not been paid as far afield as Goa, Gambia and GreeceA passenger passes Thomas Cook banners at Mallorca Airport, in Palma de Mallorca, Spain, on September 23 2019.

The liquidation marks the end of one of Britain’s oldest companies that started life in 1841 running local rail excursions before it survived two world wars to pioneer package holidays and mass tourism. The firm ran hotels, resorts and airlines for 19-million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to co-ordinate a huge rescue operation.

“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Fankhauser said in a statement. “It is a matter of profound regret to me and the rest of the board that we were not successful.” Customers were told not to travel to airports until they were told via a special website — thomascook.caa.co.uk — that they were due on a return flight, being organised by the government.

British transport minister Grant Shapps said the government had managed to “acquire planes from across the world” to get people home, and call centres had been established to answer travelers’ queries. Thomas Cook has been brought low by a £1.7bn debt pile, online competition, a changing travel market and geopolitical events that can up-end its summer season. Last year’s European heatwave also hit the company hard as customers put off last-minute bookings.

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