Thomas Cook, a firm that has providing holidays for 178 years, its shares were suspended on the London Stock Exchange on Monday.
The world’s oldest and the largest travel firm Thomas Cook collapsed on Monday. The firm left more than half a million holidaymakers around the globe stranding. Not sure who gains or loses from the demise of Thomas Cook but many customers will now fly home after the collapse of the firm.
It is reported that Thomas Cook collapse leaves 600,000 customers stranded.
Thomas Cook was the pioneer of holiday travel and has been such a strong force in the travel industry all over the world. Many people will lose their jobs.
It is reported that the drop in the pound following the referendum has put the pressure on the already struggling business which was already under a large debt for a number of years.
In the travel industry, the costs are in dollars and with the weaker pound, the costs have skyrocketed resulting in the collapse of Thomas Cook.
Richard Branson CEO virgin group has already offered his help saying Virgin Atlantic will do all they can to facilitate the laid-off staff with a new job and also bring stranded people home.