Brexit added to Thomas Cook's woes, say experts
Thomas Cook's issues went beyond Brexit. But Britain's complicated departure from the European Union, and its impact on the pound, may have been the final nail in the troubled company's coffin.
The travel operator's dramatic collapse follows years of mismanagement and a failure to keep pace with online rivals, writes Hanna Ziady from CNN Business. And Brexit didn't help.
Analysts say it was one of several factors that led to the 178-year old travel company's demise, which has left 150,000 UK holidaymakers stranded abroad and cost thousands of employees their jobs.
Virgin Group founder Richard Branson has written on Virgin's site that he is "saddened" to see the collapse of Thomas Cook.
"It’s upsetting to see so many people lose their jobs and thousands of holidaymakers affected by disrupted travel," Branson wrote.
"The drop in the pound following the referendum has put even more pressure on the struggling business, which has been saddled with large debt for a number of years. All of the travel industry costs are in dollars – for example fuel maintenance and airplane leasing. With the weaker pound, the cost of everything has skyrocketed. For Thomas Cook, this has proved terminal."
https://www.cnn.com/uk/live-news/tho...hnk/index.html
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