Breaking Travel News

Thomas Cook News

Banks poised for Thomas Cook placing

19 August 2009 Hotel News

A large chunk of Arcandor’s 53% stake in Thomas Cook could be placed on the stock market as creditors scramble to claw back money from the collapse of the German retail giant.

Thomas Cook blames swine flu for widening losses

Thomas Cook blames swine flu for widening losses

13 August 2009 Tourism News

Thomas Cook has blamed the swine flu pandemic on its losses extending to £286m in the nine months to June, up 21 percent year-on-year. The travel company also warned that trading conditions in 2010 would be even tougher than this year, which would inevitably lead to further capacity cuts this winter to meet the demand shortfall.

Thomas Cook protest ends in police raid

Thomas Cook protest ends in police raid

5 August 2009 Tourism News

Former staff who took over a Thomas Cook Dublin travel agent have been arrested by police in a raid. Among the 28 squatting the premises in the Irish capital was an eight-and-a-half-month pregnant woman who is reported to have gone into labour as she was removed.

Arcandor clings on to Thomas Cook

11 June 2009 Press Release Hotel News

Collapsed retail giant Arcandor is insisting it has no immediate plans to relinquish its controlling stake in Thomas Cook to creditor banks, leading to a potentially lengthy battle over the fate of its shareholding in the tour operator.Arcandor became one of Europe’s largest non-banking failures during the credit crisis when it filed for protection from its creditors on Tuesday.

Bank control of Thomas Cook on the cards

10 June 2009 Press Release Hotel News

Thomas Cook could fall into the hands of Royal Bank of Scotland and seven other banks following its parent company, Arcandor, filing for insolvency.The court filing covers the German retail giant’s Karstadt department stores, Primondo mail-order and Quelle catalogue businesses but excludes Thomas Cook, Europe’s second largest travel company.

Thomas Cook up for sale as Arcandor collapses

10 June 2009 Press Release Hotel News

Thomas Cook could be sold to institutional investors after its parent company Arcandor went into administration today.The German retail giant, which owns a 52.8 percent stake in Thomas Cook, filed for bankruptcy after failing to secure state aid. German Chancellor Angela Merkel rejected its desperate plea for a €650m bail-out, accusing its shareholders and backers of not presenting a sustainable plan that would protect taxpayers’ money.

Arcandor fights for survival but Thomas Cook "safe"

9 June 2009 Press Release Hotel News

German retail giant and Thomas Cook majority shareholder, Arcandor, risks sinking into insolvency by this Friday after the German government rejected its application for credit guarantees, saying it would need to make an improved request for an emergency loan.The retailer, which owns 53 percent of Thomas Cook, is today holding emergency talks with its owners and creditors to size up the possibility of increased commitments”.

Thomas Cook “completely ring-fenced” from deepening Arcandor woes

4 June 2009 Press Release Hotel News

Thomas Cook says it will remain “completely ring-fenced” from the current difficulties of German retail group Arcandor, which owns a 53 percent stake in the London-listed tour operator.The chances of the German conglomerate gaining state aid appeared to dwindle after Berlin and Brussels warned yesterday that it did not meet a key condition of receiving help from Germany’s rescue fund.

Arcandor to keep Thomas Cook despite €900m restructure

21 April 2009 Press Release Tourism News

Shares in Thomas Cook have taken a hit after it has emerged that its parent company, troubled German retail giant Arcandor, will not be putting the travel group up for sale.Instead Arcandor is embarking on a €900m cost-saving programme that will see it either combine or sell much of its retail operations. However it will keep Thomas Cook as a core interest.

Thomas Cook reports booking surge

21 March 2009 Press Release Hotel News

Thomas Cook has reported a surge in bookings in the past four weeks as the downturn sparks a return to package holidays.The tour operator said cumulative bookings across its markets were down 16 per cent on last year for this summer, after it cut capacity by 11 percent. Bookings for this winter season are down 7 per cent overall but up 12 per cent over the past four weeks.

ATG to power Thomas Cook site

5 March 2009 Press Release Travel Technology News

ATG has announced that Thomas Cook UK & Ireland is using ATG to power their website. With the ATG Commerce platform, the site now offers highly personalised service and full transactional functionality to customers.