Business Extra: Picking up the pieces from the dramatic collapse of Thomas Cook
The 178-year-old travel company announced it was heading into receivership on Monday
In 1841, 500 passengers took a 24-mile round-trip by train from the city of Leicester in central England to the neighbouring town of Loughborough.
This was the first excursion organised by a Mr Thomas Cook. After 178 years in business, his eponymous company ceased trading on Monday, disrupting the travel plans of about 600,000 people from Goa to Gambia to Greece and threatening tens of thousands of jobs worldwide.
This week, Mustafa Alrawi, Assistant Editor in Chief, and Kelsey Warner, Future Editor, are joined by Hayley Skirka and Andrew Wilks from Antalya to talk about one of the oldest travel companies in the world and its downfall. What led to the company’s problems? There are accusations of bad management with investigations under way.
But the coup attempt in Turkey in 2016 and a Europe-wide heatwave in 2018 affected the company’s profits along with a growing inability to compete with online travel companies. Now the British government is overseeing the return of 150,000 customers in what would be the largest repatriation in its peacetime history.
In this episode:
- Thomas Cook (0m 59s)
- Headlines (26m 21s)
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Updated: September 26, 2019 04:53 PM