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Thomas Cook selling its travel business: Chinese investment fund interested

April 22, 2019 by Forimmediaterelease

Thomas Cook is the world’s oldest tour operator and was founded in Market Harborough in 1841 by businessman Thomas Cook. It started off with organized railway outings for members of the local temperance movement.

The travel company received approaches for parts of its business and the company as a whole, according to reports. The business put its airline up for sale in February and it said last month it would close 21 stores across the country and cut more than 300 jobs.

Chinese investment firm Fosun International could be a bidder for the company’s tour operating business, which runs a joint venture with Thomas Cook in China. It could be months before any formal offer is lodged, and there is no guarantee one will be made.

Thomas Cook now has annual sales of £9bn, 19 million customers a year and 22,000 staff operating in 16 countries.

In September, Thomas Cook said profits would be hit after the summer heat wave saw many take their holidays in the UK. It issued a second profit warning in November, when it said winter bookings were also down.

The shop closures will take the number of Thomas Cook outlets down to 566. It said a consultation with staff and unions had begun.

Travel News | eTurboNews

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WOW Air shut down: Thousands stranded

March 28, 2019 by Forimmediaterelease

This is the email WOW Air passengers received after the airline shut down and flights were canceled: Dear WOW air guest, thank you for contacting us. We regret to announce that WOW air has ceased operation, and all flights have been cancelled. Further information can be found at WOW Air.

Following the news that WOW Air has ceased operations after failed negotiations to save it, leaving thousands of passengers stranded, Ralph Hollister, Associate Travel & Tourism Analyst at GlobalData, a leading data and analytics company, offers his view:

“The closures of smaller sized airlines such as WOW Air come as little surprise. Even major airlines such as Ryanair with significantly higher profit margins are suffering with the issues at the root of these closures – high fuel prices and overcapacity.

“With finances having already been in decline for a number of months, WOW had to reduce its fleet from 24 to 11, along with reducing the number of destinations available to customers.

“Overcapacity is a factor which can be managed unlike fuel costs, but timeliness is critical and WOW acted too late.

“Smaller airlines need to be more sensitive to changes in the market. Being one step ahead in terms of potential future decreases in demand for specific routes will enable airlines to decrease flight frequency proactively.

“This will decrease the amount of empty seats and most importantly, keep them afloat in a highly competitive industry.” 

 

Travel News | eTurboNews

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