LONDON — The world’s oldest travel firm Thomas Cook collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.
Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders in frantic talks that went through the weekend. The government and aviation regulator said that due to the scale of the situation some disruption was inevitable. All the company’s flights are canceled.
British Transport Minister Grant Shapps said the government had managed to “acquire planes from across the world” to get people home, and call centers had been established to answer travelers’ queries. Thomas Cook has been brought low by a 1.7 billion pound debt pile, online competition, a changing travel market and geopolitical events that can upend its summer season. Last year’s European heatwave also hit the company hard as customers put off last-minute bookings.
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