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Thomas Cook Travel - The colapse after 178 years

"Don't just book it - Thomas Cook it!" is a phrase etched in the British memory.

Tour operator Thomas Cook announced the failure after funds could not be found over the weekend to guarantee its survival and thus go into "immediate liquidation".

Despite considerable efforts, discussions between the group's different stakeholders and possible new sources of funding have not resulted in agreement," the British tour operator said in a statement. "Accordingly, the Board of Directors concluded that it had no choice but to take steps to go into liquidation with immediate effect," he added.

Thomas Cook, which manages hotels, resorts and airlines, currently has 600,000 holiday clients, including 150,000 Britons and as many customers from Germany and other Scandinavian countries - meaning that governments and insurers will have to intervene to repatriate them now that the company has declared bankruptcy. Firm's collapse leaves 150,000 stranded abroad. A huge repatriation effort has begun after company ceases trading with immediate effect, causing flights to be cancelled

Thomas Cook Group employed approximately 21,000 staff worldwide, with 9,000 in the United Kingdom.

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