FabSwingers.com forum: Thomas Cook Collapses

By *ercury OP Man
over a year ago

Grantham

Thomas Cook go into Administration.

Good luck to those people overseas, who will be flown home.

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By (user no longer on site)
over a year ago

Thomas Cook has blamed a series of issues for its problems including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit.

Sadly another soon to be empty shop on the highstreet to be replaced with a charity shop

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By (user no longer on site)
over a year ago

"Thomas Cook has blamed a series of issues for its problems including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit.

Sadly another soon to be empty shop on the highstreet to be replaced with a charity shop

Well at least the charity shops will get into a well maintained shop and will help others in need

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By (user no longer on site)
over a year ago

I'm very glad we are booked with first choice for Christmas.

Hopefully everyone loosing their holidays will get their money back and all those now out of a job will find something else very soon

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By (user no longer on site)
over a year ago

Hope happy sunflower gets home safe from her holiday today

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By (user no longer on site)
over a year ago

I do feel sorry for all those who have lost their jobs

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By *hubaysiWoman
over a year ago

Leeds

Sad sad sad state of affairs...!

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By *izzymonkeyMan
over a year ago

Hiding In A Bush

Such sad times that such an iconic firm has come to this!!

Lucky to of had many good holidays using them without any issues....I feel for all those affected!!!

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By (user no longer on site)
over a year ago

Not surprising really they should have changed their target and become majority online & competitive. Theyve ignored warnings for years and been bailed out time after time. Its ashame but not a surprise.

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By (user no longer on site)
over a year ago

Sadly, it's been coming for a long time. Mismanagement on an epic scale, confusion over what kind of company they were, constant restructuring of huge debt. It was always gonna drop the axe on them at some point, if not now, then at some point in the future.

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By *rishman75Man
over a year ago

Chessington/epsom

so glad I didnt book my trip to the us with them ! that was a lucky escape.

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By (user no longer on site)
over a year ago

Last time I used them was July this year when I went to Turkey. Apart from a 2-hour delay of the flight this time and once in the past I didn't have any problems. But my friend had an ongoing issue with the company who messed up their group booking just days before the wedding so it added a lot of stress to my mate who was a mother of bride.

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By (user no longer on site)
over a year ago

No doubt brexit will get the blame for the poorly outdated run company

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By (user no longer on site)
over a year ago

From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue.

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By *elloIntrigueMan
over a year ago

North West UK

Sad to read about this for everyone that has a booking or is currently abroad.

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By *ophieslutTV/TS
over a year ago

Central

I read of some holidaymakers who were due to fly back, where the hotel had security round them up to force them to pay hotel extension charges and wouldn't let them free, until paid! Just what people don't need at the end of a good holiday! I'm guessing a few executive bonuses and shareholders still took bonuses or money out. Sad news?

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By (user no longer on site)
over a year ago

I arrived back with TC last week. It’s a very sad state of affairs

So many people losing their jobs, weddings cancelled, dream holidays shattered

The CEO should be held accountable for mismanagement

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By *ocbigMan
over a year ago

Birmingham

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue. "

How is this legal? How do you pay a finance officer anything when debt is mounting? If the shop staff failed to sell holidays they would be fired, why isn't this the same thing? that goes for all the jobs mentioned above in so many companies, massive rewards for failure.

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By (user no longer on site)
over a year ago

We’re in Mallorca at the moment luckily with Jet2 but there are people in our hotel with Thomas Cook that have no clue what’s going to happen!

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By *rwhowhatwherewhyMan
over a year ago

Aylesbury

Oh well, let's all the blame the EU for this hot mess as well

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By *ocbigMan
over a year ago

Birmingham

"Oh well, let's all the blame the EU for this hot mess as well

one of many contributory factors...not the EU per se, but the mess surrounding leaving/not leaving.

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By (user no longer on site)
over a year ago

"Such sad times that such an iconic firm has come to this!!

Lucky to of had many good holidays using them without any issues....I feel for all those affected!!!

Yeah, only just got back from Mexico with them a few weeks back... I was wondering if they we're going to go under before I went.

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By (user no longer on site)
over a year ago

"No doubt brexit will get the blame for the poorly outdated run company "

If it does by fellow remainers then I'd be embarrassed

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By (user no longer on site)
over a year ago

"Oh well, let's all the blame the EU for this hot mess as well

one of many contributory factors...not the EU per se, but the mess surrounding leaving/not leaving."

Thomas Cook was a terminal case long before Brexit was even a "thing"

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By (user no longer on site)
over a year ago

Blaming Brexit gives us remain voters a bad name.

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By *elliNevvaMan
over a year ago

London

Sadly another soon to be empty shop on the highstreet to be replaced with a charity shop

Or a betting shop or a cash for gold outlet

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By *olgateMan
over a year ago

on the road to nowhere in particular

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue. "

The amount of debt that the company had means the money paid to the directors is a drop in the ocean.

The £250,000,000 cash injection that the company was looking for was only a small part of what they owed

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By (user no longer on site)
over a year ago

[Removed by poster at 23/09/19 14:13:09]

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By (user no longer on site)
over a year ago

My sister works for Thomas Cook

Haven't heard from her yet....

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By *eliciousladyWoman
over a year ago

Sometimes U.K

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse."

"The amount of debt that the company had means the money paid to the directors is a drop in the ocean.

The £250,000,000 cash injection that the company was looking for was only a small part of what they owed"

The debt is irrelevant though, the executives payout is appalling considering the debt TC’s have been in for so many years. Hopefully they will be made to pay back some of their ridiculously extortionate salary and bonuses.

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By *ocbigMan
over a year ago

Birmingham

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue.

The amount of debt that the company had means the money paid to the directors is a drop in the ocean.

The £250,000,000 cash injection that the company was looking for was only a small part of what they owed"

not as insignificant on an individual level as the wages paid to frontline staff, without whom....

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By (user no longer on site)
over a year ago

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue. "

Can you honestly say you are shocked??? The directors new they were going under when I booked my holiday 4 mo ths ago but were still happy to let people part with their money. Luckily I am ATOL protected for most of it.

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By *abioMan
over a year ago

Newcastle and Gateshead

"Oh well, let's all the blame the EU for this hot mess as well

Thomas Cook passengers won't be out of pocket because from the EU Package Travel Directive (2015/2302/EU) protects European travellers for cancellation, repatriation and refunds.

so how about thanking the EU.....

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By *olgateMan
over a year ago

on the road to nowhere in particular

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

The amount of debt that the company had means the money paid to the directors is a drop in the ocean.

The £250,000,000 cash injection that the company was looking for was only a small part of what they owed

It’s either irrelevant or it’s not?

There is nothing irrelevant about a company being one billion pounds in debt

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By *osmicRobMan
over a year ago

Chorlton cum Hardy

The CAA and the airports will have learned a lot from the Monarch collapse back in 2017.

I hope the majority of holidaymakers out there will still be able to enjoy their holiday to a certain extent (unless they are booked in a TC hotel).

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By *heBirminghamWeekendMan
over a year ago

here

"Oh well, let's all the blame the EU for this hot mess as well

Thomas Cook passengers won't be out of pocket because from the EU Package Travel Directive (2015/2302/EU) protects European travellers for cancellation, repatriation and refunds.

so how about thanking the EU.....

So it’s not the CAA ATOL protection, that’s been operating since 1973 that’s repatriating the Thomas cook customers, and the ATOL protection that will refund in full the cancelled holidays?

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By *ercury OP Man
over a year ago

Grantham

Seems there's more to this than meets the eye.

Condor, the German arm of Thomas Cook, is still operating as normal. Despite the Thomas Cook Company going into liquidation, it seems that the German Government is allowing Condor to keep operating as normal. They have also stated that they will not help out the UK arm of TC.

Smells fishy and I'm sure that there will be calls for an investigation.

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By *ocbigMan
over a year ago

Birmingham

"Seems there's more to this than meets the eye.

Smells fishy and I'm sure that there will be calls for an investigation. "

I am guessing it is the loading some parts of an organisation with debt, see C&A, Woolworths , both operate elsewhere but went bust here. Just heard on the radio that the government want the investigation to be done quickly to learn how this happened..as if the government (current & past of any party) doesn't create the legal framework within which companies operate.

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By *eavenNhellCouple
over a year ago

carrbrook stalybridge

Source; Bob Fazak

"It transpires that Hedge funds like Bloomberg stand to make $250 million having taken out credit default swaps (bets) on Thomas Cook going down.

The bosses walk away with their ‘bonuses for failure’ intact (£30m) and the staff will be lucky if they’re paid this month.

That’s all right then. As long as we all realise that the system is working.

All makes sense now!!! ?????????

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By (user no longer on site)
over a year ago

My colleague is stuck as she booked flights only with TC. She was told only package holidays are protected. Not flights only. Well that's something I didn't know! She is looking at other options but it's a horrible situation to find yourself in. Businesses seem more corrupt these days.

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By (user no longer on site)
over a year ago

"From the Telegraph.

"Thomas Cook executives have been paid more than £20 million over the last five years, despite long term fears that the operator faced collapse.

Peter Fankhauser, the Swiss chief executive, has taken home £8.3 million since he took the helm in 2014, including a £2.9m bonus in 2015.

Chief financial officers Michael Healy and Bill Scott, who started at the beginning of last, have together been paid around £7 million since 2014.

More than £4 million was paid in this time to the non-executive directors, including Belgian chairman Frank Meysman, who has taken home £1.6m."

So the fat cats at the top have taken everything they can rinse from it and will still be millionaires, while the rest of the workers join the dole queue. "

It’s bloody typical. It happens all the time, with FTSE bosses get big bonuses for doing a shit job. My company is one one the biggest in the industry, and whilst our pay was frozen for 4 years, he was getting massive bonuses for doing fuck all

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By *dward_TeagueMan
over a year ago

wolverhampton

"No doubt brexit will get the blame for the poorly outdated run company "

This. I feel sympathy for their employees and those on holiday or were about to go on holiday and cannot go. However Thomas Cook didn’t recognise that their business model was outdated and their customer’s buying habits were changing.

They brought other High Street travel agents whilst customers were starting to book holidays on line. There’s a reason why Tui are relatively successful whereas Thomas Cook struggled. Poor management with no viable long term strategy.

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By (user no longer on site)
over a year ago

was in majorca up til sunday the amount there that were with thomas cook was like 50% or more that we spoke too ruined there holidays before the collaspe because of all the rumors ....really feel for them... why is it when you pay for your holiday in full that the hotels dont get it upfront ??? your holiday should be paid for not kept back until your on your way home thats ridiculous

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By (user no longer on site)
over a year ago

"Oh well, let's all the blame the EU for this hot mess as well

Thomas Cook passengers won't be out of pocket because from the EU Package Travel Directive (2015/2302/EU) protects European travellers for cancellation, repatriation and refunds.

so how about thanking the EU.....

if you've pre-booked and paid for a long stay car park near an airport or a nearby airport hotel , there will be no car park/hotel refund as the service /contract can still be provided, so will that be refunded by the EU ?

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By (user no longer on site)
over a year ago

Sadly another soon to be empty shop on the highstreet to be replaced with a charity shop

The "tools of trade" for Thomas Crook were perhaps cheap hotels in dodgy countries such as turkey and other politically unstable countries.

An heat. Lots of it. Heat is only possible in Spain, Turkey, etc.

There is an old wives motto.

It is a poor man who blames his tools for his failures.

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