Thomas Cook

I saw an earlier post that said how do firms that export cope. Well the fall in sterling has made buying our products very attractive so we are doing very well. We do not buy from euro countries so again we are protected there too.

On the news they said a variety of reasons has caused the collapse of Thomas Cook and Brexit, the unknown consequences of that and loss of confidence is only one reason. Other reasons are last year's hot summer, online booking, cheaper competitors, fall in the pound, Thomas Cook's bad management and unwise investment, and the near collapse of the company in 2011 which after propping up gave them very little leeway to ward off more trouble. They said since the 1970's it had been privatised and had a number of different owners.

Keeper1- so happy for you. However many businesses are reliant on buyng from abroad to re-sell- and the vast majority are totally reliant on suppy chains, without borders or tariffs, etc.

Don't talk wet - Thomas Cook was in trouble long before the 2016 referendum. With these long established countries, in the internet age, they either change or die. So sorry about all the job losses - hopefully they will mostly get taken on by other travel agencies. I'm sure that face to face roles will transfer well to online/telephone roles - there are more travel agencies out there than ever before, and wish them all the best of luck in finding a new job.

I find it abhorrent that companies in their posttion can continue selling their service or product just a few hours before going into compusory liquidation!

sorry countries should have been companies

I'm sorry for all those who are affected by the demise of Thomas Cook (marginally including myself - I booked last week, just before the news broke that TC was in trouble), but I'm especially concerned at the increased pressure it will put on the Jobcentre/Universal Credit workers and new claimants. The wait for UC to be processed is already often more than the 5 weeks it's supposed to take, and with such a huge volume of new claimants I fear many people who have lost their jobs will be left without recourse to funds for far longer than that.

It's so easy to blame Brexit for everything yet it hasn't even happened yet! Thomas Cook has gone out of business because of poor management and the trend to organise different aspects of holidays online without the need for a travel agent.

TC cited Brexit as a factor in its demise.

TC are looking for excuses. Meanwhile their management is being widely criticised.

Fall in value of sterling and people being uncertain about holidays definitely Brexit related.
Another point - the protections given to package holiday travellers are the direct result of an EU directive- just the sort of EU red tape Brexit lovers want to get rid of .

Leavers are looking for excuses too.

Anything but Brexit.

Won’t wash any more

We were on holiday when Thomas Cook collapsed. We watched BBC world news in our hotel room the night before last and a man from the CAA gave details of the website where we could access information. He was very informative and we were grateful.
We were brought home yesterday on an Atlas plane. One couple had been trapped in the manager's office at their hotel while he demanded payment.
We arrived home hungry and thirsty but very grateful to the CAA. Their organisation was impressive.

Don't know whether it's been mentioned already, haven't read the whole thread, the salaries and even more staggeringly the bonuses of the top strata, given the company has been struggling for a while is truly appalling

Agree Terribull, this is the same with so many of the companies that go bust, whilst the ground staff get nothing. I feel so sorry for them. These huge salaries at the top should be stopped. It is sickening. Feel the same about footballers, paid way too much, just pull the plug.

Yes can never understand "the bonuses", surely such a payment should be commensurate with a level of success not failure

So it's not down to bad management, massive debt and greedy bosses? (Shouldn't they pay their bonuses back now?) Silly me! They mentioned political unrest in Turkey, last summer's heatwave and uncertainty over Brexit (not Brexit itself) as reasons/excuses.

It'll be interesting to see what the official receiver says about it!

Urmstongran However tedious you think Brexit is, this collapse is likely to be partly due to it. How can people confidently make holiday bookings, not knowing if or when they'll need (on top of the cost of the vacation) to pay for visas for each family member? That the Euro is collapsing around us? That their travel insurance is likely to be sky high? That different countries need different green cards for driving/hiring cars? It's all a damn mess. No wonder nobody wants to book ahead and tie themselves into a long-term commitment, travel-wise. Far easier to wait and see then hook up with Booking.com if everything turns out Ok.

The climate change hypocrites will all win eventually . When only the very rich will be able to afford a holiday abroad of any kind as the prices will shoot up and the cost of insurances escalate . But no worries they can plant a tree to offset can’t they ?

I cannot for the life of me understand how a failing business ( on such a huge scale) can legally pay bonuses?

Apparently the Turkish and Spanish governments were willing to help out Thomas Cook because obviously it will have a knock on effect on the tourism industry in those countries and many hoteliers and small businesses will suffer. Ministers are said to have stymied this idea. I think they could have used this help and added to it but placed conditions on Thomas Cook such as streamlining and cancelling the big bonuses. They could also say this was not setting a precedent because it was the result of the offers from Spain and Turkey. How much is all this costing in repatriation and the benefits which will now have to be paid?

I'll keep repeating this until I'm blue in the face. It's rank greed on the part of those who run these companies. GREED !!

It surely cannot be legal either EllanVannin ? Paying massive bonuses when the company is effectively bust ?

The obscene amounts that managers et al pay themselves is criminal. None of them could give a hang how people get home from their destinations. Children, babies without enough food/milk, one child who has to be tube-fed via her stomach is running out of formula-----a sheer disgrace, all stuck in airports having been thrown out of hotels by greedy staff demanding payment from these families.

That's the thanks you get for patronising their hotels !!

I think the hotels are concerned that they won’t get paid, which under the rules of insolvency they probably won’t . Not an excuse but just saying .

Gillybob, they've no conscience, legal or not. It's done all the time. They're sharks/shysters.

I bet the likes of PWC and other insolvency scum are rubbing their grubby little hands together . Probably bidding for the contract as I type !