After serving for 178 years, Thomas Cook announced bail out on Monday. Established in the year 1841, Thomas Cook served nearly 19 million people every year in 16 countries.
Thomas Cook, one of the oldest and reputed travel firm rolled out its business because of financial burden. The British company has announced its collapse officially. The company has declared a bail out of 150 Million Pounds.The plea for helping hand from the British government was rejected. Hence, the company has to close its operations.
One of the top most holiday makers, Thomas Cook maintained many hotels and resorts, apart from Airlines. Presently, around 6,00,000 people are on board facing the company’s closure heat.
The pioneer in holiday bookings, packages and mass tourism first started its journey with local train running for excursions. The company has survived many difficulties all these years. it even handled the World Wars – I and II. But it could not sustain the recession and the financial burden by the year 2019.
Peter Fankhauser, Chief Executive of Thomas Cook has stated –
This marks a deeply sad day for the company, which pioneered package holidays and made travel possible for millions of people around the world,
I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,
It is a matter of profound regret to me and the rest of the board that we were not successful.
While heading to United Nation’s General Assembly in New York, British Prime Minister, Boris Johnson stated –
It is a very difficult situation and obviously our thoughts are very much with the customers of Thomas Cook, the holiday makers who may now face difficulties getting home we will do our level best to get them home,
The two-century tourism serving company has nearly 21,000 Thomas Cook employees world wide. They would loose their jobs apart from lakhs of people earning their livelihood indirectly based on the company’s operations.
Brexit heat is also considered as one of the reasons that affected the company’s operations. However, bristish Prime Minister has blamed the Thomas Cook bosses for the bail out.