Thomas Cook collapses: What next and why?
LONDON: Thomas CookNSE -2.90 %, the world’s oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
What happens now and why did it collapse?
WHO IS AFFECTED?
The firm ran hotels, resorts and airlines for 19 million travellers a year in 16 countries, generating revenue in 2018 of 9.6 billion pounds ($12 billion). It currently has 600,000 people abroad, including more than 150,000 British citizens.
Thomas Cook employs 21,000 people and is the world’s oldest travel company, founded in 1841. The company has 1.7 billion pounds ($2.1 billion) of debt.
