Hundreds of thousands of travelers have been stranded today after Thomas Cook entered compulsory liquidation and cancelled their flights
. The British government had earlier this week turned down a state bailout for the company.
The jobs of around 22,000 Thomas Cook staff around the world, with 9,000 employees in the UK alone, are at risk. The impact of the firm’s collapse will spread much further than its customers and employees. The British government is facing a $75 million bill to bring home holidaymakers, insurers face a wave of travel insurance claims, while Tunisian hoteliers are owed $65 million alone, according to: A 2007 merger with MyTravel was meant to save the companies more than $93 million a year and unite them against emerging internet rivals.
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