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Business Failures
#48
Here's a big one overseas:

Thomas Cook, the travel company.

LONDON (AP) — Families stranded, honeymoons and vacations canceled, thousands of workers laid off: The sudden collapse of British tour company Thomas Cook and its network of airlines and hotels sowed chaos for hundreds of thousands of travelers and businesses around the world Monday.

Brought down by a variety of factors, including crushing debts and online competition, the 178-year-old travel agency that helped pioneer the package tour ceased operating in the middle of the night. Its four airlines stopped carrying customers, and its 21,000 employees in 16 countries lost their jobs.

The company’s failure rippled across the tourism industry, particularly around the Mediterranean, with travelers uncertain how they would get home, hotels worried they wouldn’t get paid, guests afraid they wouldn’t be allowed to check out without settling their bills, and resorts hit with cancellations.

Overall, about 600,000 people were traveling with Thomas Cook as of Sunday, though it was unclear how many would be left stranded, as some regional subsidiaries were in talks with local authorities to continue operating.

The British government swung into action, lining up flights to bring an estimated 150,000 Britain-based customers back home from vacation spots around the globe in what was called the biggest peacetime repatriation effort in the country’s history.

Some 50,000 Thomas Cook travelers were reported stranded in Greece; up to 30,000 in Spain’s Canary Islands; 21,000 in Turkey; and 15,000 in Cyprus. Travelers lined up at airports, looking for other ways to get home.

James Egerton-Stanbridge and his wife, Kim, were set to fly from London’s Gatwick Airport to Egypt to celebrate her 60th birthday when flights were grounded.

“Kim was crying this morning. We’re devastated,” he said.

Other took the news in stride. Sweden’s Bengt Olsson, who was traveling in Cyprus, said there were worse places to be stranded: “It’s nice to stay here. It’s warm.”

The reality was far harsher for the Thomas Cook employees who lost their jobs overnight.

“The staff have been stabbed in the back without a second’s thought,” said Brian Strutton, head of the British Airline Pilots’ Association.

An estimated 1 million customers also found their bookings for upcoming trips canceled. Many of them are likely to receive refunds under travel insurance plans but had no idea when they would get their money back. Thomas Cook said it served 22 million customers a year.

https://apnews.com/e16341631fef4d018b4303eac161f372

Could the party be over?
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist  but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.


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Messages In This Thread
Business Failures - by pbrower2a - 07-12-2016, 04:33 PM
RE: Business Failures - by pbrower2a - 08-25-2016, 06:34 AM
RE: Business Failures - by pbrower2a - 09-07-2016, 04:18 AM
RE: Business Failures - by pbrower2a - 10-03-2016, 01:12 PM
RE: Business Failures - by pbrower2a - 10-03-2016, 01:15 PM
RE: Business Failures - by pbrower2a - 10-04-2016, 10:14 AM
RE: Business Failures - by Ragnarök_62 - 10-08-2016, 09:01 PM
RE: Business Failures - by pbrower2a - 10-08-2016, 08:25 PM
RE: Business Failures - by pbrower2a - 01-15-2017, 02:17 AM
RE: Business Failures - by pbrower2a - 01-15-2017, 02:52 AM
RE: Business Failures - by beechnut79 - 03-11-2018, 01:12 PM
RE: Business Failures - by pbrower2a - 03-11-2018, 07:14 PM
RE: Business Failures - by pbrower2a - 05-05-2017, 08:22 AM
RE: Business Failures - by pbrower2a - 09-19-2017, 12:27 PM
RE: Business Failures - by Warren Dew - 09-19-2017, 02:14 PM
RE: Business Failures - by pbrower2a - 09-19-2017, 03:11 PM
RE: Business Failures - by Warren Dew - 09-19-2017, 03:26 PM
RE: Business Failures - by David Horn - 09-20-2017, 03:47 PM
RE: Business Failures - by Ragnarök_62 - 09-20-2017, 05:18 PM
RE: Business Failures - by pbrower2a - 09-19-2017, 04:44 PM
RE: Business Failures - by Warren Dew - 09-19-2017, 09:25 PM
RE: Business Failures - by pbrower2a - 09-19-2017, 09:21 PM
RE: Business Failures - by pbrower2a - 09-20-2017, 08:12 PM
RE: Business Failures - by pbrower2a - 09-22-2017, 08:52 AM
RE: Business Failures - by pbrower2a - 01-15-2018, 06:33 PM
RE: Business Failures - by pbrower2a - 02-04-2018, 02:52 PM
RE: Business Failures - by Warren Dew - 03-12-2018, 01:10 AM
RE: Business Failures - by pbrower2a - 03-11-2018, 12:19 AM
RE: Business Failures - by beechnut79 - 03-11-2018, 01:20 PM
RE: Business Failures - by pbrower2a - 03-11-2018, 07:35 PM
RE: Business Failures - by pbrower2a - 03-12-2018, 08:25 PM
RE: Business Failures - by pbrower2a - 05-02-2018, 08:11 PM
RE: Business Failures - by David Horn - 05-03-2018, 11:07 AM
RE: Business Failures - by pbrower2a - 05-08-2018, 06:00 AM
RE: Business Failures - by pbrower2a - 05-08-2018, 06:10 AM
RE: Business Failures - by pbrower2a - 07-20-2018, 04:35 PM
RE: Business Failures - by pbrower2a - 07-20-2018, 06:20 PM
RE: Business Failures - by pbrower2a - 08-02-2018, 04:51 PM
RE: Business Failures - by pbrower2a - 10-10-2018, 10:16 PM
RE: Business Failures - by David Horn - 10-11-2018, 09:49 AM
RE: Business Failures - by pbrower2a - 10-11-2018, 11:50 AM
RE: Business Failures - by pbrower2a - 12-06-2018, 04:20 PM
RE: Business Failures - by pbrower2a - 02-16-2019, 01:25 PM
RE: Business Failures - by pbrower2a - 04-07-2019, 09:20 PM
RE: Business Failures - by pbrower2a - 05-14-2019, 09:21 AM
RE: Business Failures - by pbrower2a - 09-23-2019, 12:59 PM
RE: Business Failures - by beechnut79 - 09-23-2019, 06:25 PM
RE: Business Failures - by pbrower2a - 09-23-2019, 09:11 PM
RE: Business Failures - by beechnut79 - 09-23-2019, 10:27 PM
RE: Business Failures - by pbrower2a - 09-24-2019, 06:39 AM
RE: Business Failures - by pbrower2a - 10-03-2019, 06:51 AM
RE: Business Failures - by pbrower2a - 10-23-2019, 12:47 AM
RE: Business Failures - by Hintergrund - 10-29-2019, 09:14 AM
RE: Business Failures - by pbrower2a - 10-23-2019, 12:55 AM
RE: Business Failures - by David Horn - 10-23-2019, 09:50 AM
RE: Business Failures - by pbrower2a - 10-24-2019, 08:46 AM
RE: Business Failures - by Tim Randal Walker - 10-29-2019, 07:52 PM
RE: Business Failures - by pbrower2a - 03-06-2020, 12:12 PM
RE: Business Failures - by pbrower2a - 03-06-2020, 12:36 PM
RE: Business Failures - by pbrower2a - 05-15-2020, 08:48 PM
RE: Business Failures - by pbrower2a - 07-02-2020, 02:59 PM
RE: Business Failures - by pbrower2a - 07-02-2020, 03:15 PM
RE: Business Failures - by pbrower2a - 10-05-2020, 03:00 PM
RE: Business Failures - by pbrower2a - 10-22-2020, 11:16 AM
RE: Business Failures - by pbrower2a - 11-27-2020, 08:15 AM
RE: Business Failures - by pbrower2a - 12-17-2020, 08:47 AM
RE: Business Failures - by pbrower2a - 01-23-2021, 11:28 PM
RE: Business Failures - by pbrower2a - 02-24-2021, 09:38 AM
RE: Business Failures - by pbrower2a - 03-02-2021, 10:20 PM
RE: Business Failures - by pbrower2a - 08-04-2021, 10:34 PM
RE: Business Failures - by pbrower2a - 12-04-2021, 12:18 AM
RE: Business Failures - by pbrower2a - 03-15-2022, 10:45 AM
RE: Business Failures - by pbrower2a - 06-17-2022, 09:56 AM
RE: Business Failures - by pbrower2a - 06-17-2022, 10:33 AM
RE: Business Failures - by pbrower2a - 11-22-2022, 02:00 PM
RE: Business Failures - by pbrower2a - 11-23-2022, 08:36 AM
RE: Business Failures - by pbrower2a - 12-10-2022, 08:27 AM
RE: Business Failures - by pbrower2a - 12-10-2022, 10:32 PM

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