The operator has entered liquidation, meaning almost all of its companies have ceased trading and operating.
One of the world’s most well-known tour operators, Thomas Cook is famous for offering low-cost package holidays to more than 60 destinations worldwide, making it a popular option for families in search of an affordable getaway.
According to CNN, the UK's Civil Aviation Authority (CAA) is working to return stranded travelers to Britain on repatriation flights, but there are already bumps in the arrangements. One flight from Spain's Palma de Mallorca back to the UK was originally supposed to land in London's Gatwick Airport, but has been rerouted to land in Manchester Airport.
The government has chartered 45 jets to bring customers home and they will fly 64 routes on Monday, in an undertaking dubbed Operation Matterhorn. The size of the fleet will make it temporarily the UK's fifth-largest airline.
While an estimated 150,000 Britons are affected by Thomas Cook's collapse, the company has about 600,000 customers abroad. In Germany, one of Thomas Cook's main markets, insurance companies will help organise the response to its collapse. The CAA is also contacting hotels accommodating Thomas Cook customers, who have booked as part of a package, to tell them that the cost of their accommodation will be covered by the government, through the Air Travel Trust Fund and Air Travel Organiser's Licence scheme (Atol).
Peter Fankhauser, Thomas Cook's chief executive, said the firm's collapse was a "matter of profound regret". Commenting as the company entered compulsory liquidation, Mr Fankhauser also apologised to the firm's "millions of customers, and thousands of employees". UK customers will be brought home "as close as possible" to their booked return date, the Department for Transport (DfT) has said.
The tour operator's failure puts 22,000 jobs at risk worldwide, including 9,000 in the UK. For now, Thomas Cook's Indian, Chinese, German and Nordic subsidiaries will continue to trade as normal.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.
