Thomas Cook in its current form was always going to be a challenge to turn around. Vertical integration and size were match winners at the end of the last century. Clearly times move on and the long running structural and financial troubles resulting in unsustainable levels of debt have led to the current situation. Brexit uncertainty has also played a role. Whether this is the first big casualty I am not sure. But the current UK government is quick to attack management. I suspect they are very keen to move the dialogue away from why exactly foreign investors have been hesitant to invest what seem relatively small sums to save the company.