Thomas Cook has not had the best week this week with talks that the popular travel agent was going bust. At the last minute Thomas Cook managed to move away from going into financial meltdown after receiving a £200m rescue loan which the travel agent expects to pay back over 12 months.
The high street travel agent who looked like it was going the same way as Woolworths saw customers backing away from the travel agent after becoming concerned that Thomas Cook was going bust.
Some travel experts predicted that Thomas Cook would go bust causing thousands of holiday’s makers to lose their holidays but according to Thomas Cook themselves, customers have nothing to worry about.
Thomas Cook has upset many customers over the years with the company failing to move with the times. It now seems that the travel agent may have learnt its lesson after nearly causing the travel agent to be no more but have they really learnt their lesson and will Thomas Cook move with the times or is the latest bail out just a delay tactic before the end comes with thousands of job losses. Woolworth failed to learn their lesson and look what happened to them, but a source at Thomas Cook has said this latest scare has forced senior management to take stock and sort out the problems and modernise Thomas Cook.
The outdated High Street Travel Agent has a £1.1bn debt which some say the travel agent will never recover from the huge debt while holiday makers who were loyal to the travel agent have now become scared of booking a holiday with the travel agent and are using alternative travel agents such as First Choice.
According to reports, Thomas Cook who sell 22m holiday a year in the UK plan to turn things around which includes closing 200 high street travel agents as well as selling a chain of Spanish hotels.
The interim executive at Thomas Cook Sam Weihagen said the bookings for holidays have gone down by 30 per cent since it was announced about their troubles but the executive is confident that this will be turned around and its customers will come back to them.
Are you confident in Thomas Cook and would you book a holiday with them let us know and have your say below.