Why did Thomas Cook go bankrupt?

In summary, there are three main reasons that caused Thomas Cook's bankruptcy: first, the government did not lend a helping hand, second, China Fosun gave up on rescue, and third, the general environment trended.

Before going bankrupt, Thomas Cook had hoped to raise 200 million pounds. After failing to raise funds in the market, Thomas Cook sent a distress signal to the British government. The bargaining chip was the large number of tourists traveling abroad.

Thomas Cook said that if the British government does not rescue me, then I will declare bankruptcy, and you will still have to spend hundreds of millions of pounds to rescue me. It is better to give me the money directly now.

The British government clearly rejected such a request, stating that it would rather pay to rescue tourists than Thomas Cook.

British Foreign Secretary Dominic Raab said that the British government will not use taxpayers’ money to systematically intervene and save a company unless the company has good strategic national interests.

Thomas Cook (November 22, 1808 - July 18, 1892), male, was born on November 22, 1808 in Melbourne, England. He was a British traveling salesman. A pioneer of modern tourism and the founder of the world's first travel agency, Thomas Cook Travel Agency.

In September 2019, Thomas Cook, a 178-year-old travel service provider, declared bankruptcy.

Thomas Cook (November 22, 1808 - July 18, 1892) was the founder of modern tourism and "the father of modern tourism." The first person to organize group travel also organized the world's first round-the-world tour group.

Written and published the world's first travel guide for group tourists - "Liverpool Travel Guide", and creatively launched the earliest prototype of a traveler's check voucher. Cook organizes self-guided tours across Europe and provides travel assistance and hotel accommodation services to self-guided travelers.

In the mid-19th century, Thomas Cook founded the world's first travel agency - Thomas Cook Travel Agency (today's Thomas Cook Group, China's officially authorized brand name is "Thomas Cook Travel Agency") "Guest"), marking the birth of modern tourism.

In the second half of the 19th century, inspired by Thomas Cook’s own advocacy and his successful tourism business, some organizations similar to travel agencies were first established in Europe, making tourism a major player in the world. a relatively wide range of economic activities.