Thomas Cook (India) clarifies stance, not impacted by trouble in Thomas Cook UK
Iconic British travel company Thomas Cook went down on Monday taking all of 22,000 jobs with it.
Thomas Cook has collapsed after last-minute negotiations aimed at saving the 178-year-old holiday firm failed. The UK travel giant said on Monday that ' it filed for bankruptcy after last-minute efforts to secure a $250 million funding from private investors in the UK failed. Even as the 178-year-old company went belly up, more than 150,000 passengers were stranded, prompting the UK government to announce a massive plan to repatriate thousands of people holidaying overseas.'
The firm ran hotels, resorts and airlines for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation.
Thomas Cook India has said it is business as usual here. The company said 'it is a totally different entity and that the collapse of the UK firm will have no impact on it.'
In May, Thomas Cook reported a £1.5bn loss for the first half of its financial year, with £1.1bn of the loss caused by the decision to write down the value of My Travel, the business it merged with in 2007.
Thomas Cook India said, 'Post transfer of its entire stake in Thomas Cook (India) Limited to Fairfax, Thomas Cook UK ceased to be the promoter of Thomas Cook (India) Limited from the said date and since then, Thomas Cook UK has had no stake in Thomas Cook (India) Limited'.
'It is important that we clarify for the record that Thomas Cook (India) Limited is financially strong, profitable and maintains a positive outlook in the travel and tourism sector and continues to witness strong growth.'