Glad I'm not on holiday abroad with Thomas Cook right now tbh

[Zak33]

"Thomas Cook UK Plc and associated UK entities have entered Compulsory Liquidation and are now under the control of the Official Receiver.
The UK business has ceased trading with immediate effect and all future flights and holidays are cancelled.
A dedicated support service is being provided by The Civil Aviation Authority to assist customers currently overseas and those in the UK with future bookings.
Please visit:
thomascook.caa.co.uk
for further information."

There are a LOT of people abroad on holiday, and they will be flown home by the CAA at the end of each of their holidays.
150,000 people across the globe. That's a lot of people.

But things like connecting travel, coaches, and even staff at the holiday destinations might get... complex. Because everyone is now unemployed.

9,000 staff in the UK now very sadly unemplyed, and even more who work abroad.

170+ years of history - that's a very very sad day for all those staff, (except perhaps the senior management team who have been pulling immense bonuses for the last years while it struggled on.)

[Zak33]

I'm gonna guess that the hotels out there are runnning a credit sytem with Thomas Cook, so they won't be paid. I forsee people awaking in their hotel today and being asked to pay for the rest of their stay, and to claim it back from insurance on their return.

So that's gonna cause a tidal wave of debt across the worlds hotels

[Hoonigan]

This strikes me as, yet again, a case of greed. Refusing to drop their prices to where the market expects them to be and gone bust instead.
I’d be willing to bet all the folk high up the chain come out of this alright while the 99.9% suffer by withholding wages, losing their jobs and all that blumf.
When you’ve got your own planes and all that, how hard can it be to set up holidays for people? Almost everyone goes somewhere every year, paying thousands to do so.
The money’s there, they just weren't willing to move with the times and "take a pay cut".

They've blamed everyone pretending they're a travel agent, getting their own deals online. Very true, because why would people spend hundreds of pounds more than they need to when a few hours sat in front of a laptop is all they have to invest?

[Jonj1611]

I'm gonna guess that the hotels out there are runnning a credit sytem with Thomas Cook, so they won't be paid. I forsee people awaking in their hotel today and being asked to pay for the rest of their stay, and to claim it back from insurance on their return.

So that's gonna cause a tidal wave of debt across the worlds hotels

You could very well be right :-

https://www.youtube.com/watch?v=_6y1194T_zs

[Zak33]

i imagine that being replicated on many levels across the globe - Tunisia is a great example of somewhere nothing like a hotel in lets say... Bournemouth

[Zak33]

This strikes me as, yet again, a case of greed. Refusing to drop their prices to where the market expects them to be and gone bust instead.
I’d be willing to bet all the folk high up the chain come out of this alright while the 99.9% suffer by withholding wages, losing their jobs and all that blumf.
When you’ve got your own planes and all that, how hard can it be to set up holidays for people? Almost everyone goes somewhere every year, paying thousands to do so.
The money’s there, they just weren't willing to move with the times and "take a pay cut".

They've blamed everyone pretending they're a travel agent, getting their own deals online. Very true, because why would people spend hundreds of pounds more than they need to when a few hours sat in front of a laptop is all they have to invest?

its sadly outdated system. Having hundreds of travel agent shops, who almost entirely cater for people over 65 years old and normally on low incomes is not a recipe for a long term tourism business... and hasn't been for over a decade.

[Output]

Sad news for the staff and customers, but it seems to be a miracle that they even managed to survive this long as I'd have expected them to succumb to the vast competition the internet brought years ago, given they obviously didn't try to evolve with the times.

[TeePee]

Blockbuster: We don't need an online presence, streaming media will never work.
Kodak: Digital cameras will never be any good.
Thomas Cook: People will never be able to work out how to book their own flight.

Etc...

[Zak33]

/\ that

[DanceswithUnix]

Kodak: Digital cameras will never be any good.

First digital camera I owned was a Kodak when most people hadn't even heard of the technology. To be fair I think they saw that coming, just didn't get it right.

[TeePee]

First digital camera I owned was a Kodak when most people hadn't even heard of the technology. To be fair I think they saw that coming, just didn't get it right.

They actually made one of the first DSLR Cameras, but they got bogged down by management that couldn't adapt to the future. They were a chemical company making an electronic product, and just couldn't keep up.

[Saracen999]

Friends of mine just got back. Landed late Saturday.

That was close.

[Saracen999]

Blockbuster: We don't need an online presence, streaming media will never work.
Kodak: Digital cameras will never be any good.
Thomas Cook: People will never be able to work out how to book their own flight.

Etc...

That's probably part of it, as are several other factors, but from what I can make of it the biggest part was some very poor management decisions, including a buy-out or two, that didn't work and saddled them with massive and unsupportable debt. That holed them below the waterline years ago, and it's just taken until now for the frantic attempts at bailing to fail and the ship to finally sink.

[Top_gun]

The uncertainty surrounding Brexit was the final coffin nail for Thomas Cook. Shape of things to come.

[[GSV]Trig]

Its not just the people that are on holiday, think of the staff, the hotels around that are all effected, Rolls Royce not getting engine orders and so on..

Part of me thinks that the cheap travel industry is on a down anyway, look at the small firms that have gone bust, budget airlines that have done the same, be interesting to see how much bonus has been given to the top guys that "ran" TC before it went, sceptic in me thinks that companies that are in competitive sectors, or those that are on a slow downturn will use Brexit as an excuse to get out now with whatever money they can and just blame Brexit uncertanty while not giving a toss about the workers, pension pots and so on...

[Jonatron]

Part of me thinks that the cheap travel industry is on a down anyway, look at the small firms that have gone bust, budget airlines that have done the same

I found a list of airline failures: https://www.protectmyholiday.com/new...-failures.aspx To me, this looks like Business As Usual.