First victim of BREXIT - worlds oldest travel company Thomas Cook bancrupt

300.000 tourists are stranded right now. The UK starts a special operation to bring home 150.000 british tourists. Thomas Cook has 35.000 employee worldwide. The BREXIT chaos and the collapsing pound created more and more costs on Thomas Cook, a company that naturally has to pay alot of bills in foreign countries.

Thomas Cook’s collapse comes four months after it warned that Brexit uncertainty was hurting its business.

In May, the company told the City that customers had been postponing their holiday plans, saying:

There is now little doubt that the Brexit process has led many UK customers to delay their holiday plans for this summer.”

The slump in the value of the pound since the 2016 referendum won’t have helped either, as it makes foreign holidays more expensive.

Political science professor Simon Hix says this was a critical factor:


Simon Hix@simonjhix


Just wondering whether in time #ThomasCook will be seen as the first corporate victim of Brexit, as a critical factor, amongst many of course, was the collapse of the Pound against the Euro and Dollar

 

Funny
In Belgium they claim its 600 000 tourists on holiday with Thomas Cook right now
And 22000 employee worldwide.

Also why would it be because of brexit?
They had Massive debts for some time now.

 

Obviously fluctuations in the exchange rate wouldn't have helped but Thomas Cook were going down the pan long before the Brexit vote.

https://www.thisismoney.co.uk/money...ce-history-2007-reveals-gone-wrong-group.html

Thomas Cook are blaming Brexit to distance themselves from severe mismanagement which has gone on for over a decade.

 

The ounds falls since months because BREXIT. Thomas Cook has to pay its bills in € and $. You understand what that means?

 

You do seem a bit Brexit obsessed Sobo, I sense a hint of panic about us leaving. I think you should be more concerned about the effect on the German economy than with what Britain are doing. The signs do not look good for your manufacturing industry, slumping sales to the UK and the America/China trade war screwing you over. It's not looking good for the Eurozone or Germany.

 

Still better than you. You already comfy with your role as micronation and vasall?

 

The pound is at the same level against the Euro as it was 5 years ago. The real reason for the collapse of Thomas Cook is that more and more people no longer book package holidays but do that simple work on the internet which saves thirty or so percent on the cost compared to a travel agents charge. Budget airlines also represent a serious threat to travel agents

 

Who flies with budget airlines? I always chose national carriers. I would never chose cattle carriers

 

I do LOL. When flying to Germany, I choose Lufhanza, which effectively is a budget airline, because their flight times is much more convenient than Easyjet, have several flights a day, and for a similar price and often in each row of three seats, the middle seat is not used. Plus, you do realize that planes chartered by travel agents are crammed to the full unlike most budget airline flights?

ie budget airlines are competing directly with chartered travel agent flights which was the point of my post

 

There is no airline called Lufthanza.

Lufthansa is the national carrier of Germany.

I would never use Ryanair, easyjet or such budget ****. Those are for working class scum.

 

A Lufthansa plane is no different to an Easyjet plane and the service is exactly the same as is the ticket cost.

 

Easyjet has no business class. Plus in Easyjet travels more working class scum.

I just had a vacation in new caledonia and we booked business class. I try to avoid to travel with the low class vermin.

Beside that, Lufthansa can not go bancrupt. Easyjet can.

 

This is all irrelevant to my post saying "The real reason for the collapse of Thomas Cook is that more and more people no longer book package holidays but do that simple work on the internet which saves thirty or so percent on the cost compared to a travel agents charge. Budget airlines also represent a serious threat to travel agents"

 

Doesnt change the fact that a falling pound is a burden for a company that has to pay bills in € and $.

 

Being a snob much? Most of your fellow Germans are working class do you call your own countryman scum?

Lufthansa can definatly go bancrupt, why would't it? National carriers can go bancrupt i know the old Sabena did wich was the belgian one way back.

And Thomas Cook would have failed with or without brexit that is pretty obvious

 

Lufthansa can not go bancrupt because the state would save it. Its that easy. Like Alitalia in Italy or Air France.

Lufthansa is deeply connected to the state. The government here does evrything to cater Lufthansa. They even destroy foreign based airlines and give the aircrafts to Lufthansa for cheap.

As for being a snob, whats wrong with having a certain standard?

I would not want sit for more than 20 h crammped with all the scum, smelly and loud.

When booking business class, you know you can expect a certain standard.

 

When a company fails you can blame management every single time.

 

I’m surprised people are still using travel agencies. These firms are going extinct because you can easily book everything you want online without paying extra to support the livelihood of the travel agent.

I wouldn’t blame Brexit. If you want to blame something - blame the Internet.

 

Its funny though that the german travel agency TUI does great

 

I remember reading somewhere that Germany has aging population. That could explain the travel agency’s success.

I never had a situation where I could not find better price online compared to a quote from a travel agency. That’s why I gave up attempting to use them a long time ago.

 

Old company unable to adapt. New and existing companies will fill in the gap.

Westinghouse Electric should still be operating, but they were unable to adapt.

 

UK has an older population than Germany.

For me it depends. When i do one place vacation i book flight, hotel ect myself.

When i do a journy with many destinations like in Peru i use travel agency because its simply easier.

 

Doubt that's the whole story, travel agents have been on borrowed time since the dawn of the internet.

 

Countries are better off with fewer external influences. I think the UK should flush the EU as fast as possible.

 

Feb 2019:
TUI shares plummeted on a shock profit warning while Thomas Cook gained on the back of news it could sell its airline business
https://www.proactiveinvestors.co.u...s-cook-after-shock-profit-warning-214200.html