RIP Thomas Cook: Holiday dreams washed away by tide of debt

Thomas Cook sold tens of millions of Britons a summer holiday to remember with the slogan “Don’t just book it, Thomas Cook it”.

But behind the glossy brochures, it was struggling to adapt to market changes: while taking over rivals delivered short-term savings, it propelled the British brand towards a $2.1 billion debt pile that would ultimately seal its fate.

It narrowly avoided collapse in 2011 when, reeling from the Arab Spring, Icelandic volcano and a squeeze on British incomes, it had to beg for a 200 million pound ($249 million) lifeline.