The world’s oldest travel firm Thomas Cook collapsed, stranding more than half a million holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
The collapse could provide a boost, however, to major rival TUI , whose shares surged more than 8% in early Monday trading, and to Europe’s overcrowded airline sector, which could benefit from the closure of Thomas Cook’s airline business.“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Fankhauser said in a statement.
Passengers are seen at Thomas Cook check-in points at Mallorca Airport after the world's oldest travel firm collapsed stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history, in Palma de Mallorca, Spain, September 23, 2019. REUTERS/Enrique Calvo
The British regulator is also contacting hotels hosting Thomas Cook customers to tell them that they will be paid by the government, through an insurance scheme. That was after some customers were briefly held in a hotel in Tunisia when staff asked for additional payments to be made. The company’s German holiday airline Condor said it had asked its government for a bridging loan, and said it would continue flying.The collapse has the potential to spark chaotic scenes around the world, with holidaymakers stuck in hotels that have not been paid as far afield as Goa, Gambia and Greece.
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