Thomas Cook had been Unable to Adapt to the Digital World…

Following a meeting in London yesterday, British travel firm and charter airline operator, Thomas Cook, has gone bankrupt.

Thomas Cook, who until yesterday was the second largest tour operator in the world, had been mortally wounded for a decade. The British company, which had been unable to adapt to the digital world and the new habits of its consumers, was dragging a series of economic problems.

The company, which has about 180 years of history, landed last morning in Manchester the last of its planes, but it has left the road to more than 600,000 passengers around the world who were currently on vacation or they had them hired for the next two weeks. Despite the fact that in August had obtained the 1.020 million euros that it needed to face his debts, the creditors demanded an insurance of some 227 million euros additional that finally they have not been able to obtain.

Now, the UK’s biggest repatriation since WW2 will take place, this repatriation is dubbed ‘Operation Matterhorn’ and will see over 150,000 Thomas Cook passengers flown back to the UK using wet-leased aircraft, and aircraft from other airlines.

It has been partly that lack of adaptation to the digital scenario – represented in the more than 500 establishments that the company still has in the British streets – that has led to the fall, but also the almost 2,000 million euros of debt that has been dragging weather. In fact, and in line with that idea of ​​a broken bag that they wanted to transmit from the Government, Thomas Cook already received a refinancing package of 1,580 million euros in 2012 in addition to an emergency loan of 227 million euros in November of 2011, not counting the 480 million euros obtained by Harriet Green, the former CEO, with the sale of shares.

The reasons given by the company’s lawyer during last month’s hearing in the Supreme Court to qualify for a new emergency aid package were “general economic recession,” loss of consumer confidence, increased competition from low-cost rivals, last year’s heat wave, weak pound and “environmental concerns.” All except admitting a bad practice by the company, although it is true that last summer tourism from the United Kingdom suffered from the good weather that prevailed in the islands.

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Thomas Cook Digital World... - /10

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Following a meeting in London yesterday, British travel firm and charter airline operator, Thomas Cook, has gone bankrupt.

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