British travel group Thomas Cook on Monday declared bankruptcy after failing to reach a last-ditch rescue deal, triggering the UK’s biggest repatriation since World War II to bring back stranded passengers.
The 178-year-old operator had been desperately seeking £200 million ($250 million) from private investors to save it from collapse.
“Despite considerable efforts, those discussions have not resulted in agreement between the company’s stakeholders and proposed new money providers,” Thomas Cook said in a statement.
“The company’s board has therefore concluded that it had no choice but to take steps to enter into compulsory liquidation with immediate effect.”
The UK’s Civil Aviation Authority Director Tim Johnson said on Monday that had now ceased trading and the regulator and government would work together to bring the more than 150,000 British customers home over the next two weeks.
“The Civil Aviation Authority is focused on bringing back people to the UK, that’s what our role is. In other countries in Europe the regulator and the governments will be responsible for the arrangements in their areas,” Johnson said.
The liquidation marks the end of one of Britain’s oldest companies that started life in 1841 running local rail excursions before it survived two world wars to pioneer package holidays and mass tourism.
