Thomas Cook falls: What next for the company that survived two world wars?

Thomas Cook employs 21,000 people and is the world's oldest travel company, founded in 1841.

Business Standard : Thomas Cook, the world's oldest travel firm, which survived two world wars pioneering travel packages and tourism, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history.

What happens now and why did it collapse?

Who is affected?

The firm ran hotels, resorts and airlines for 19 million travellers a year in 16 countries, generating revenue in 2018 of 9.6 billion pounds ($12 billion). It currently has 600,000 people abroad, including more than 150,000 British citizens.

Thomas Cook employs 21,000 people and is the world's oldest travel company, founded in 1841. The company has 1.7 billion pounds ($2.1 billion) of debt.

what happens to tourists?

The British government has asked the UK Civil Aviation Authority to launch a repatriation programme over the next two weeks, from Monday to Oct. 6, to bring Thomas Cook customers back to the UK.

"Due to the significant scale of the situation, some disruption is inevitable, but the Civil Aviation Authority will endeavour to get people home as close as possible to their planned dates," it said.

A fleet of aircraft will be used to repatriate British citizens. In a small number of destinations, alternative commercial flights will be used.

The Civil Aviation Authority has launched a special website, thomascook.caa.co.uk, where affected customers can find details and information on repatriation flights.

For those customers not flying from Britain, alternative arrangements will have to be found. In Germany, a popular customer market for Thomas Cook, insurance companies will coordinate the response.

What is the advice to passengers?

"Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website," the Civil Aviation Authority said.

"Thomas Cook customers in the UK yet to travel should not go to the airport as all flights leaving the UK have been cancelled."