Thomas Cook collapses, passengers stranded

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Thomas Cook collapses, passengers stranded

British tour operator Thomas Cook on Sunday collapsed, leaving thousands of passengers stranded.

“The board concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect,” the company said in a statement.

“An application was made to the High Court for a compulsory liquidation of the Company before opening of business today and an order has been granted to appoint the Official Receiver as the liquidator of the Company,” it added.

Chief Executive Officer Peter Fankhauser apologized to customers, partners and even employees.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world,” Fankhauser said.

The collapse of the 178-year-old firm was also felt in Asia as shares in Fosun Tourism fell 5% in Hong Kong. Forsun Tourism’s main company, Fosun International is one of the biggest companies in China.

Thomas Cook’s biggest stakeholder is Guo Guangchang.

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