Are the days of the traditional travel agent done? Let our experts help!September 25, 20192 min read
For explorers, those needing a vacation and those tripping abroad – the news of long-time travel company Thomas Cook suddenly going bankrupt came as a shock.
One of the oldest travel agencies in the world, Thomas Cook was rooted in brick and mortar operations and has amassed some serious debt. That coupled by its dwindling business that was being lapped up by popular online travel options – the preferred choice of younger travelers - meant the end was near.
“As it struggled to pitch itself to a new generation of tourists, the company was hit by the 2016 coup attempt in Turkey, one of its top destinations, and the 2018 Europe-wide heat wave which deterred customers from going abroad.
Thomas Cook needed another 200 million pounds on top of a 900-million-pound package it had already agreed, to see it through the winter months when it receives less cash and must pay hotels for summer services.
The request for an additional 200 million pounds torpedoed the rescue deal that had been months in the making.
Thomas Cook bosses met lenders and creditors in London on Sunday to try to thrash out a last-ditch deal to keep the company afloat. They failed.” September 23, Financial Post
Travel agencies, much like film for cameras – are becoming a thing of the past and all part of our more digital and modern society.
- But what’s next for the travel industry?
- What do those looking to seek out adventure and travel need to be wary of?
- Are there any other companies on the brink like Thomas Cook?
- If you are a reporter covering this story – let our experts help.
Steve Moss is a professor at Georgia Southern University and specializes in tourism, forecasting and quantitative methods. Steve is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
Steve Moss Professor
Steve Moss specializes in tourism, forecasting and quantitative methods