Big name in the Industry of hotels and holidays is on the verge of collapse. Worlds oldest travel firm has collapsed on Monday stranding many tourist around the world and sparking of the controversy as to what next is going to happen.
In Uk all its business collapsed as holidaymakers made their way to airports around the world Britain's Civil Aviation Authority said Tuesday it brought back 14,700 Thomas Cook customers back to the U.K. on 64 flights on Monday. That amounts to around 95% of the holidaymakers who were originally booked to fly home that day. The company's Dutch subsidiary said all flights scheduled for Tuesday were scrapped and customers won't be able to use accommodation they booked.
The 178-year-old travel agency that helped pioneer the package tour was brought down by a number of factors including changing travel habits, online competition, heat waves in Europe over the past couple of years as well as uncertainty related to Britain's departure from the European Union, which has seen the British pound fall sharply, making holidays abroad more expensive.
On Monday's details of the bankruptcy of the company, which followed a lengthy period of chronic financial turmoil after a disastrous 2007 merger deal, left some 600,000 tourists stranded worldwide according to Thomas Cook, while its 22,000 staff are now out of a job.
As a big giant name of holidays company lets see what happens in the days to come. And the fate of the customers and employees turns out to be. Still a very big name and big fate to be decided.
