Deathwatch: Thomas Cook to close 200 shops

14 December 2011

deathwatch It looks as though ailing trip-pimps Thomas Cook are sinking deeper into the mire after the announcement that 200 of their UK stores will close over the next two years, news that will make the hairstyle of Mary Portas spin round and round in fury.

Staff at 115 of the stores will be told the bad news today, with 661 jobs expected to be axed. The news comes along with the release of figures showing a £398m loss for the year up to the end of September. However, Thomas Cook are blaming exceptional charges of £573m, including the writing down of the value of their business, and say they still made an underlying profit of over £300m.

But their share price has dropped by 90% since March and the company were forced to go cap in hand to the banks last month in an attempt to raise another £200m to see them through the Christmas period. As rivals TUI (Thomson) seems to be going from strength to strength, it will be interesting to see what happens next…

TOPICS:   Travel   Economy

5 comments

  • Zleet
    People still go into shops to buy holidays? Instant searches online and up to date packages versus someone doing pretty much the same thing for you behind a desk, but taking longer and probably costing more.
  • Klear
    We went there for our honeymoon in maurtius, paid extra for the service of someone who knew what they were doing to book it. It's a Honeymoon - you want it to be right! Turns out that service was performed by a total idiot, who cocked it up. After arriving at the airport we were told of a problem and **10 hours later** Thomas Cook decided they couldn't help us. If it wasn't for BA helping out and fighting our case our honeymoon would have been ruined. (Although they did loose our cases on the way back!) We complained, and TC didn't want to know. Good riddance.
  • oliverreed
    They bought most of the Coop Holiday chain out, do they really need two stores in towns?
  • spyro
    I did use a travel agent ( not thomas cook ) to book my honeymoon but could have probably done it myself. Otherwise i always book my holidays direct with the hotel/airlines. I can understand for the safari/honeymoon/expensive niche holiday but i don't know who uses a travel agent for the standard week long holiday to spain/france etc etc. Travel agents need to be more niche and offer more experiences that the average person might not want to book themselves ie a whale watching trip or a tour of japan for 2 weeks etc. And bitterwallet - why no mention of la senza being in a bit of trouble ?
  • zeddy
    Don't Thomas Cook it, tell em to "fuck it".

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