Thomas Cook, the British travel giant has come to ruins leaving thousands stranded where the resorts, airlines, and hotels that the firm ran just collapsed. They had tie-ups in 16 countries for 19 million people where the hospitality industry was ruled by them. Thomas Cook is the world’s oldest firm that deals with travel and their business closed down their shutters on Monday. Innumerable global holidaymakers were abandoned all of a sudden and this sparked a big controversy in the British travel industry. The British Prime Minister, Boris Johnson, guaranteed all the British travelers that no one will remain stranded and they will be taken home.
He also mentioned that the British government had rejected Thomas Cook’s request for a bailout of almost 150 million pounds, that is $187.1 million. He added that this would be a moral hazard and this is something he did not want to approve. There are almost 600,000 people abroad, currently, who are continuously forcing the government including insurance companies to organize a widespread rescue operation. This is a very delicate situation and the government is concerned about all the customers of Thomas Cook and the chief executive Peter Fankhauser regretted the entire situation.
He said that it was a great disappointment how the travel giant suddenly went low in business then got knocked out completely. It happened that Thomas Cook failed to secure a salvaging package from the lenders that went throughout the weekend. However, they could not resolve the issues and could not bear the extreme competition. Known as one of the oldest holiday companies of the world, Thomas Cook failed to collect enough funds to sustain its grip on the market. They have been struggling a lot in recent years and the high debt values made them lose some last-minute foreign bookings. Thomas Cook was founded in 1841 and remained a travel giant till 2018 and no one could beat them in popularity and reliability but fate turned for them.