Is there future for the “new” Thomas Cook?
— 9 experts shared their view
The "old" Thomas Cook, a 179-year-old company and the second largest tour operator in the world after TUI, collapsed in September of 2019. Fosun Tourism Group, a Chinese travel conglomerate that already owned the famed Club Med, bought the rights to the bankrupt company's brand for $14 million.
Now, a year later Fosun has resurrected the Thomas Cook brand as an online travel agency thomascook.com, selling directly to the public packaged beach holidays in destinations like Spain, Turkey, Greece, Croatia, USA, etc. and city breaks in Rome, Paris, Madrid, New York, etc.
The question is: Is there future for the "new" Thomas Cook?
I don't think there is a new TC. I think that this was the plan all along. I remember sitting in the UK in 2011/12 reading an article: Britain's Least Admired Companies of 2011 where TC was mentioned. It also let me to look at their share price and saw it tumbled to somewhat below 20c (which for me was surprising)...but then I saw they didn't have a CEO and no-one wanted to take the job since a few month....sinking ship comes to mind.
But then Harriet Green became CEO and essentially took the company digital through saving plans and removing highstreet stores. Share price within 2 years moved 10 fold and the phoenix rose again. I believe that TC is now back at a stage where they need to take the next leap and that the OTA part of the business should have been a stronger focal point earlier on. Personally I think we see others like TC join the ranks and OTA;s need to watch out as where again do they get their leaked rates from....ah yeah....bed banks....