HOLIDAY giant THOMAS COOK was fighting for survival today as it was forced to go cap in hand to its banks. Shares in the tour operator, which takes 22.5million Brits abroad every year, crashed 66 PER CENT as it revealed it needed more cash because of a dive in bookings.

Boss Sam Weihagen said trading had "deteriorated" even further as a catalogue of disasters hit the business.

French customers stopped booking trips to Tunisia following the revolution there earlier this year.

And Russian customers are avoiding Egypt — formerly one of the country's two biggest winter destinations.

Fortune

Mr Weihagen added that the Eurozone crisis was clobbering bookings in Europe. Meanwhile, the holiday product offered in the UK is simply "not good enough".

Mr Weihagen reminded customers that the firm is ATOL-protected, meaning they get their money back if the company COLLAPSES.

He insisted customers could still book with confidence.

Mr Weihagen was backed by Bob Atkinson at TRAVELSUPERMARKET.

He said: "From a consumer perspective they don't need to be overly concerned at this stage."

It is a stunning reversal in fortune for a business founded 170 years ago.

Thomas Cook started out in 1841, founded by a Baptist cabinet maker and strict teetotaller.

It remains one of the biggest brands in the country and is famed for its "Don't Just Book It, Thomas Cook It" slogan.

Mr Atkinson said the company had failed to move with the times and offer enough of a range of products to cater for all markets.

He said: "It's too focused on the bottom end of the market. And the mass market is suffering.

"The brand itself is powerful, but there are so many things that shout wrong about the business

Source http://www.thesun.co.uk/sol/homepage/news/money/3951750/Thomas-Cook-is-br-fighting-for-survival.html

I reckon high season going to be bad this year but TAT will come out will the same old BS we are going to hit a new record on arrivals ..

almost always horrible exchange rates in America, due to those douche-bags, and their monopoly at the airports. I hope no one gets stranded, but..what goes around comes around....

Shocking holiday company. They've overcharged for so many years and now they are complaining because it's their turn.

"Once but never again....."

almost always horrible exchange rates in America, due to those douche-bags, and their monopoly at the airports. I hope no one gets stranded, but..what goes around comes around.... Yea same also in England with bad exhange rate ...

Shocking holiday company. They've overcharged for so many years and now they are complaining because it's their turn. couldn't agree more with you Thais are just as bad too ...

"Once but never again....." Yea been there done that once when from Luxor to Cario on a sightseeing tour..The guided couldn't speak half a word of english plus the air con wasn't working on the bus and we had someone who had a diabetic fit it turn out a real nightmare .. plus that day was around 40c

For anyone who has a booking with them they are fully backed by ABTA which is something, personally never used them, why would I ?

So you can book with confidence because your holiday is protected with a money back ABTA guarantee. So what? By the time you get your money back, if you do at all, your holiday plans and dates have been F#***d. Its hardly a reason for booking TC when there are so many other choices in the net. People don't want the hassle.

I wish TC well in its' fight for survival but please Mr. Chairman and you travel pundits, don't use the money back argument. Give us Joe Public the benfit of some common sense!

I think they will survive,but they will have to sell off a lot of their assets that will reduce long term investment & productivity

"Once but never again....."

Ditto: "Once but never again." Example: Bank Of America Travelers Checks were not from Bank Of America. The name B Of A on the checks was simply a product endorsement similar to a pair of tennis shoes endorsed by and NBA basketball star. This was a predatory Machiavellian company. May they rot in hell forever. (do you think that's to strong?) I don't. @v@

Edited November 23, 201114 yr by tpthai2

TC exchange rates in Aussie land go from the sublime to the ridiculous! They offer to sell baht for 35 to the $ and buy at 25 to the $ when you can get 31-32 at any ATM while in country! Only newbies get sucked in before they fly! It's like dealing with a piranha!

exactly, piranhas, they warn you about the ones in Thailand, but there are about 15 at Suvarnabhumi that give better rates than you would get in NYC, LAX or SFO.

Edited November 25, 201114 yr by Thighlander

Their main office until the early 70's was in Berkeley St, Mayfair. Stepping inside was truly a trip back in time, polished mahogany counters and clerks in morning suits, very much Phileas Fogg territory.

Much of their history is now in the National Archives.

Doubt the name will die, may not have been well handled but doubt we have heard the last of them.