22,000 people to lose jobs as Thomas Cook collapses Watch

Rock Fan
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Bad news with many people looking to be out of pocket and approximately 22,000 jobs lost https://www.bbc.co.uk/news/business-49791249
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Paracosm
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UPDATE: Thomas Cook has officially ceased trading according to the Civil Aviation Authority. All flights, holidays and packages with them and their subsidiaries have now been cancelled. We're awaiting further official announcement from Thomas Cook's administrators. The CAA has tweeted the following image:

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(source: https://twitter.com/UK_CAA/status/1175938601835728896)

This means that after 187 years, it will no longer operate having fallen into unmanageable debt, an estimated 22,000 Thomas Cook staff members will wake up to find themselves without a job. This marks the end of an era, Thomas Cook is regarded by many as a British staple.

What are your thoughts on this?
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Paracosm
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The official Thomas Cook website has been seized by the Official Receiver and this message is now displaying. This firmly marks the end for Thomas Cook. Really sombre sight.
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gjd800
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What a shame that this couldn't be salvaged
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Paracosm
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The official statement confirming the compulsory liquidation of Thomas Cook as been released on the Thomas Cook Group plc's website:

(Original post by Thomas Cook Group plc)
Further to the announcement made on 20 September 2019, Thomas Cook Group plc (“the Company”) continued to engage with a range of key stakeholders over the weekend in order to secure final terms on the recapitalisation and reorganisation of the Company.

Despite considerable efforts, those discussions have not resulted in agreement between the Company’s stakeholders and proposed new money providers. The Company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.

An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company. We anticipate that the Official Receiver will make an application to the High Court for members of AlixPartners UK LLP to be appointed as Special Managers in respect of the Company, to act on behalf of the Official Receiver, and we further anticipate that an order will be granted to that effect. As part of this process, a number of other Thomas Cook Group companies have also entered into compulsory liquidation, with members of either AlixPartners UK LLP or KPMG LLP (depending on the company) being appointed as Special Managers in respect of the relevant Group companies.
We expect that AlixPartners UK LLP will now work very closely with the Civil Aviation Authority in the UK, to effect the repatriation of all UK customers impacted by this announcement.

Peter Fankhauser, Chief Executive of Thomas Cook commented:
“We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook’s future for its employees, customers and suppliers. Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.

“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. Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.

“Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder’s spirit of innovation.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world.”

The Company has requested that its ordinary shares be suspended from listing on the premium segment of the Official List of the FCA and from trading on the main market of the London Stock Exchange with immediate effect.
https://www.thomascookgroup.com/news...cook-group-plc
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Paracosm
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(Original post by gjd800)
What a shame that this couldn't be salvaged
Genuinely a great shame to see such a staple fall victim of such severe financial difficulty.
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Napp
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(Original post by Paracosm)
Genuinely a great shame to see such a staple fall victim of such severe financial difficulty.
It does beg the question what sort of cretins were managing the firm that they allowed such a mountain of debt to pile up though. Alas i rather doubt we'll see any heads rolling for this most stunning of **** ups as opposed to the usual result that former managers walk away with untold millions.
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Paracosm
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(Original post by Napp)
It does beg the question what sort of cretins were managing the firm that they allowed such a mountain of debt to pile up though. Alas i rather doubt we'll see any heads rolling for this most stunning of **** ups as opposed to the usual result that former managers walk away with untold millions.
It truly is unreal, isn't it? Reports show that the CEO took away £8.4m in bonuses/dividends since 2014. Couldn't make it up.
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_Wellies_
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Of course, the board members were well remunerated for driving the company into the ground.

It highlights one of the failings of modern capitalism, namely that of rewarding abject failure.
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harrysbar
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Of course I feel sorry for the employees (and holiday makers stranded in resorts) but let's be honest - Thomas Cook were s***
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Andrew97
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It was only a matter of time until it went under. Throwing money at them wasn’t going to help. I hope the CAA can get people home.
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Paracosm
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(Original post by Andrew97)
It was only a matter of time until it went under. Throwing money at them wasn’t going to help. I hope the CAA can get people home.
Agreed, their insolvency was much too serious for £200m to scratch the surface.
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Lwajura
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I work there, damn
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Paracosm
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(Original post by Lwajura)
I work there, damn
Really sorry to hear this, I hope things get better for you soon
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NJA
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DM article
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NickAlex12
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Sad, of course the CEO got a million pound bonus while the company went under and thousands of ordinary people have to lose their jobs
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OR321
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Not surprising at all, they were having problems for ages. Also, not many people go to high street travel agents anymore, you can do everything online for cheaper
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NJA
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999tigger
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(Original post by NJA)
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Hilarious. all those people losing their jobs, glad you can see the funny side.
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Stiff Little Fingers
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(Original post by OR321)
Not surprising at all, they were having problems for ages. Also, not many people go to high street travel agents anymore, you can do everything online for cheaper
And there's the big mistake they made, expanding massively onto the dying high street while everyone started to move online.

150k people stranded abroad, the biggest repatriation in peacetime in history...
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