Thomas Cook, which in addition to being a well-known airline is also a pioneer in the tourism market, declared this Monday (23/09) its bankruptcy, after several attempts to inject capital.
The company has existed for 178 years, but has been operating flights since 2003, mostly to meet demand for its package tours.
According to the company, the difficulty faced in recent years is due to a sharp drop in demand for travel, in addition to strong competition in the market, which has expanded a lot, fragmenting this already repressed demand.
The company's customers will be assisted by UK authorities, who are expected to take care of 150 tourists right at the end of the summer season in Europe. The plan for tourists includes aircraft rented by the government itself, as well as buses and vans. Companies like Virgin Atlantic lent planes to “Operation Matterhorn”.
“All engers currently overseas on Thomas Cook who were booked to return to the UK within the next two weeks will be transported home on a date as close to their bookings as possible.”, declared the British government.
Another company of the same group, the German Condor, requested an emergency loan from the German Government, but plans to maintain its operations in the coming days. It was also facing financial difficulties in recent months, and its purchase by Lufthansa was even considered.
Like Condor, Thomas Cook tried to raise money this weekend, but negotiations failed, with no money to continue operating, the company's directors opted to shut down operations.
“Despite enormous efforts, the discussions did not reach an agreement between the shareholders and those who offered a new contribution of money”, declared the company this past Sunday, immediately dismissing 22000 employees worldwide.
Two years ago another English company was dissolved, Monarch Airlines, which also did not resist the great competition and requested its liquidation.
