World's oldest travel company 'Thomas Cook' collapsed, thousands of people face job crisis

Sep 23 2019 10:06 AM
World's oldest travel company 'Thomas Cook' collapsed, thousands of people face job crisis

New Delhi: Thomas Cook, one of the world's largest travel companies, has closed since Sunday night. The 178-year-old British tour operator had been struggling with fund problems for a long time. According to media reports, the company said in a statement that "they had no other option but to close the company." The closure of the company threatens jobs for 22,000 people, of which 9,000 are from England.

The closure of the company will affect not only the employees but also the customers, suppliers and the company's partners. For this, Peter Cook, Chief Executive of Thomas Cook, has apologized to customers, suppliers, employees and partners. The world's oldest travel company had been struggling with a shortage of funds for a long time and a committee of banks stayed the decision on its demand for additional funds. In August last month, Thomas Cook agreed to the key terms of a deal with China's shareholder Fosun over a plan related to recapitalization. The deal was worth $ 1.1 billion.

Not only this, the company also received a major setback from Royal Bank of Scotland (RBS). A spokesperson for the bank said that the company's demand for additional funds of £ 200 million was not accepted. Let us tell you that RBS has been providing support to the company for the last several years.

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