Travel Giant Thomas Cook Goes Bust, Job Loss Fears For South Africa

Riyaz Patel

One of the world’s oldest travel firms, Thomas Cook Group, has collapsed after last-minute negotiations aimed at saving the holiday firm failed.

It puts 22,000 jobs at risk worldwide, including here in South Africa.

It is estimated that at least 600,000 people all across the globe will be affected, forcing governments to coordinate with insurance companies and other airlines to help their citizens return home.

“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Chief Executive Peter Fankhauser said in a statement released early Monday morning.

Overburdened by a crippling $2.1 billion debt, one of the oldest and largest travel companies in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.