Thomas Cook, the UK’s largest travel firm
London … News Time
The worlds oldest and UK’s largest travel firm “Thomas Cook” announced Monday that the company went bankrupt. The company has requested “compulsion” from the Supreme Court in the UK. The Thomas Cook Group said in a statement that despite intense efforts, negotiations between shareholders and fundraisers did not result in an agreement. Citizen aviation officials in the UK say through their website that Thomas Cook, the company announcing his bankruptcy, has stopped work.
“All future flights and holidays have been canceled,” Thomas Cook said in a statement on his website. Shares of Thomas Cook, which has been in a downturn for the past several months, suffered further bearishness on the London Stock Exchange on Friday. The company’s share price declined 20%.The British government may be forced to lease planes to bring back its citizens. After the announcement of the bankruptcy of the company, 6 million tourists worldwide will have to be restructured. They also have 1.5 million British tourists. Similarly, the aforementioned announcement has marked the future of the company’s 22,000 employees worldwide, of which 9,000 are British.
The Thomas Cook Company was founded in Britain in 1841. At that time she used to arrange a day train trip to the country. The company has experienced severe economic hardship over the past few years for various reasons. In May this year, the company announced that its net loan volume had risen to 1.25 billion pounds. The bankruptcy of the Thomas Cook Company is a blow to the European tourism sector.
