Thomas Cook Declares Bankruptcy
(RTTNews) - Thomas Cook has declared bankruptcy after last-minute negotiations aimed at saving the 178-year-old holiday firm failed, suspending operations and leaving hundreds of thousands of tourists stranded around the world.
Peter Fankhauser, Chief Executive of Thomas Cook said, "It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years."
Thomas Cook said that all the companies in its group have ceased trading, including Thomas Cook Airlines.
About 600,000 Thomas Cook customers were reported to be travelling, of which 150,000 British were abroad, scheduled to fly home with Thomas Cook, according to reports.
The U.K. Government and the Civil Aviation Authority are now working together to do everything to support passengers due to fly back to the UK with Thomas Cook between 23 September 2019 and 6 October 2019, Thomas Cook said in a statement.
The tour operator's failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK, according to reports.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.