Popular Tour and Travel Operator 'Thomas Cook' Collapses: More than 20,000 to Lose Jobs!

British travel group Thomas Cook collapsed due to debts leaving 22,000 people out of job and over 600,000 of its customers stranded in various tourist locations across the world. After the company's negotiations with creditors to raise additional funding failed, all the bookings with it got cancelled.

"Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable," CEO Peter Fankhauser was quoted as saying by Mint.

“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world," Fankhauser was further quoted as saying.

Founded in 1840s, Thomas Cook began its journey in the travel industry by operating trains through the English Midlands. However, the company got its big break only in the 1970s and 1980s. Its slogan "Don't just book it, Thomas Cook it," gained its own share of name and fame