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¿Problems ahead for My Travel/Thomas Cook?

Tenerife, Spain
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17,233 posts
148 reviews
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¿Problems ahead for My Travel/Thomas Cook?

Perhaps TA contributors who are connected to the Travel Industry can give us their professional views on what is likely to happen to Thomas Cook now their major shareholder Arcandor have gone into voluntary administration.

Can Thomas Cook survive without them?

If not, who is likely to be sniffing around for a good deal?

Thomas Cook/My Travel are one of the major operators here on the island. So for us non-professionals, what is the knock on effect going to be for visitors to Tenerife?

Has anyone been notified if this will affect their holidays in the near future?

Northern Ireland
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1,264 posts
52 reviews
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1. Re: ¿Problems ahead for My Travel/Thomas Cook?

Booked with them for September and December. Haven't been notified of anything and hoping there won't be a problem.

Hartlepool, United...
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402 posts
91 reviews
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2. Re: ¿Problems ahead for My Travel/Thomas Cook?

we have booked with them for december for our stay at the bouganville playa and have heard nothing from them about any problems.

Durham, United...
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310 posts
11 reviews
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3. Re: ¿Problems ahead for My Travel/Thomas Cook?

This old news broke a while ago and in an interview on a English News channel it stated there was nothing to worry about and the travel industry seem to have confirmed this!

L

scotland
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36 posts
10 reviews
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4. Re: ¿Problems ahead for My Travel/Thomas Cook?

Hi Aquilas,

I too am booked with Thomas Cook for October and have not heard anything to this effect. I will phone on Monday to find out.

Thanks.

Wales, United...
Destination Expert
for Fuerteventura, Istria
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11,550 posts
80 reviews
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5. Re: ¿Problems ahead for My Travel/Thomas Cook?

123leeds is correct, Thomas Cook have confirmed that the collapse of its main shareholder will have no impact on its holidays.

London
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66 posts
9 reviews
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6. Re: ¿Problems ahead for My Travel/Thomas Cook?

hi i work for thomas cook and there is nothing to worry about.

Thomas cook now will be listed will be listed as a stand alone company on the london stock exchange.

all info is on www.thomascook.com.

Thomas Cook will not go bust, one of the only travel company's to give staff a payrise. ild worry more about BA lol.

and this news broke 11 days ago btw.

small3101

Rutland UK
Destination Expert
for Tenerife
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11,646 posts
20 reviews
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7. Re: ¿Problems ahead for My Travel/Thomas Cook?

Rather stale news then ...so don't scare the children....!

Sylla

Tenerife, Spain
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17,233 posts
148 reviews
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8. Re: ¿Problems ahead for My Travel/Thomas Cook?

I know there has been concern for a long while over Arcandor to the best of my knowledge they only filed for voluntary liquidation around 9th June.

Then a couple of days ago (17th) the CEO said 'We as a company may have certainly lost a battle but not the war,' Eick said, adding he hoped to use the vehicle of a structured insolvency proceeding to save the company.

So if Thomas Cook is saying it is fine then so be it I just wondered as with the above comments being made by the CEO, and they are almost 53% shareholders it makes you wonder.

Tenerife, Spain
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17,233 posts
148 reviews
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9. Re: ¿Problems ahead for My Travel/Thomas Cook?

Having just learnt from small3101 where to find information on this, I checked the website given.

>>>> Thomas Cook would like to reassure its customers and suppliers that there is no cause for concern following the announcement from Arcandor AG, Thomas Cook Group plc's majority shareholder, that it has on 9 June 2009 applied to commence insolvency proceedings.

Thomas Cook is a completely independent company from Arcandor, and today’s announcement will have no impact on our financial position or operational performance. As a standalone company, Thomas Cook Group plc is listed separately on the London Stock Exchange and is completely ring-fenced.

Please be assured that it’s business as usual. There is no impact whatsoever on the holidays and services Thomas Cook provides for its customers.>>>

The above is a direct quote from the Thomas Cooks website. As I said earlier 9th June is hardly old news and it would appear that rather than scare the children this post might have actually brought it to the attention of some Thomas Cook customers. After all how many people regularly check websites once they have booked their holidays.

However I am please that there is no cause for concern and that everyone will have a safe and enjoyable holiday.

London, United...
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10. Re: ¿Problems ahead for My Travel/Thomas Cook?

Well, it's been splashed all over the Financial News over here. If they are ring-fenced then there is no need to notify customers as their holidays are not affected. If they were worrying about things they would be asking their staff to make pay cuts, they would also be making redundancies and they would certainly not have given pay rises to some of their staff.

I think things were much worse when MyTravel lost whatever the huge amount was that they lost all those years ago - was the amount £900million? They still carried on trading and didn't go bust. This is much less of a problem and Thomas Cook suffered more major problems in the seventies/eighties and they came through it.

BTW, uncle owns shares and he's not worried.