Posted on 09/22/2019 7:17:23 PM PDT by Berlin_Freeper
Thomas Cook (TCG.L), 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.
Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders.
The UK’s Civil Aviation Authority (CAA) said Thomas Cook had now ceased trading and the regulator and government would work together to bring the more than 150,000 British customers home over the next two weeks.
(Excerpt) Read more at reuters.com ...
Limes.
To ward off scurvey in British salors due to lack of vitamin C by including limes in their rations.
Old: Video killed the radio star.
New: Internet killed the travel agency
They were eyeing the prize
Some people call Manly Footwear."
London Homesick Blues
Well, that’s what happens when the ChiComs “invest” in your company.
That is really big news. Thomas Cook has been around forever.
That’s just the beginning with BoZo in charge.
True. Hope Communist Chinese Epic Games, AMC and Hollywood studios taking dirty Communist money are next.
I flew on a few Thomas Cook flights in the past. No complaints. Certainly no worse than the big airlines.
Wonder what happened. The tourist industry right now is better than its been in years.
Brexit is no joke. Other businesses are next. Also did you follow Pound sterling recently? Currencies of better off third world countries are doing MUCH better over last years. I wonder how can they afford to travel at all anymore.
The clown PM in charge is their grave digger.
I bet they were doing exactly that, getting money from customers and using it to make payroll. And using money from new customers to pay the travel expenses for the 1st group of customers. Sounds like a pyramid scheme. Then it fell apart without new money coming in.
Wonder how many billions they’ll get sued for. I’m assuming they have a large policy with Lloyds or some such.
I believe it was their own planes. So if they weren’t going to buy fuel or pay the pilots to fly people home, or pay airport fees, etc. then people were stuck.
Most such businesses work using this scheme. I wouldn’t call it pyramid although as it fails it sure looks like that. The idea of pyramid it is initially a financial scheme with no product or service behind it.
I read an article on this, this morning.
Way, way, way, way, way down in the article, was a doozie:
The single largest creditor in the entire company... Or debtor, one of the two.
Is Chinese.
That explains a lot. I didn’t see just how they could be stranded. Tours or packages I guess.
One company I worked for used Thomas Cook, both brit companies so there you have it. Their service was good but not essential to me. I used them because they were available and had a global 800 help line that could do a pretty good job of working out problems but especially changes I often had to make in my 5 years of globe hopping 250 day a year travel schedule.
The international travel service I most liked, only used once but depended on was International SOS for medical emergencies. I know people who needed it and it was good but a whole lot better than nothing. Arranging air evac to anywhere is not for the novice. I went to an SOS doc in W. Africa for a stomach bug. He was Lebanese / French and very good he also took care of the health checks and food safety for his BIL restaurant in Lagos, Nigeria. It took a real sense of adventure to eat Sushi in Lagos! That is not where I got sick though. Probably our favorite Thai restaurant.
With all those British subject stranded abroad, the Queen can start to reestablish the Empire!
They are more like Walmart people than Red Coats these days.
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