The world’s oldest travel agency is making a comeback.
The Thomas Cook company will return to business later this month after its brand name was purchased by another agency, Chinese-based Fosun Tourism, also the owner of Club Med.
The British agency collapsed in September leaving 2,500 jobs lost and triggering the rescue of 150,000 travelers from the United Kingdom – the largest repatriation of British citizens since World War II.
Fosun, which holds a major stake in Thomas Cook and had previously failed to negotiate a refinancing deal with creditors, had its bid approved this time when it guaranteed to buy the agency for £11million or roughly $14.2 million in US dollars.
Thomas Cook collapsed after an ambitious expansion plan to compete with online travel agencies. The company had 555 brick-and-mortar stores in the U.K.
Another large British agency, Hays Travel, swooped in and bought the stores, hiring more than 400 ex-Thomas Cook employees, to take advantage of the situation to expand itself.
Ironically, it is being reported that the relaunched Thomas Cook will be an online-only agency.
Fosun’s buyout includes the takeover of the brand name, along with hotel brands Casa Cook and Cook’s Club.
Source: TravelPulse