Thomas Cook Gone
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Thomas Cook Gone
At 02.05 am on 23rd September 2018 Thomas Cook one of the oldest travel firms went into administration, at the time I was watching one if its final flights descending into Manchester. This is a very sad day.. Besides the thousands of passengers affected., there are 22,000 jobs on the line worldwide.
Before anybody says topic is covered elsewhere TCX for example, its too important for that..
Before anybody says topic is covered elsewhere TCX for example, its too important for that..
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More here: Thomas Cook-2
This is very sad news. Yesterday over France we flew past one of their aircraft, ironically it was in a hybrid Monarch/Thomas Cook colour scheme. Good luck to all the staff.
Will any one airline benefit from filling the void left by TC’s demise?
BBC report that 40 aircraft will be chartered to move 150,000 uk citizens back to Brexit land. Would TC aircraft be available for charter to fullfill this role?
Mjb
BBC report that 40 aircraft will be chartered to move 150,000 uk citizens back to Brexit land. Would TC aircraft be available for charter to fullfill this role?
Mjb
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I wonder if Virgin will grab pilots like they did with Monarch. A friend of mine was back in the air within weeks, and much happier with his lot, so it would appear.
They are more likely to grab the much more valuable airport slots
You can be an airline, a travel agency or a hotel. Not all three. McKinseys have been banging on about diversification’s perils since at least 1990 according to my memory.
Jet2 alongside EasyJet with Ryan would appear benefit from the lack of a competitive airline. I sympathise with all the staff and hope that this employer loss is only a temporary situation for them. Our industry is not immune from company failures, not the first and certainly not the last we will endure. Good luck to all.
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Writing on a Wall a long time ago
My ex-husband is a pilot with them - they used to go to Flight Ops meetings once a year and when the pilots were expressing concerns about easyJet taking more and more market share and moving into holidays/package market the management were just saying they are not a competitor and they are not worried - just had their heads in the sand. This was 10 years ago - failure to recognise the market place and to develop niche options which low cost wouldn't move into.
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Except, according to a news report this morning, that by doing so you have less legal protection when things go wrong, than if you booked a complete package.
The hotels were basically a booking agency. Again, maybe don't make much now but can just break even.
So why the huge debts. It wasn't going out in current expenditure and income. It was from the huge loans taken out years ago to buy up all those other companies, the MyTravels, the Condors, etc. That had to be paid back, with interest, and it couldn't be. That's where the money is due. And those are the financing deals that have been sold on and on in the finance world. And where the management has all their attention concentrated.
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