What went wrong at Thomas Cook?
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- Опубліковано 14 жов 2024
- For 178 years it was a stalwart of the high street, the oldest travel company in the world. (Subscribe: bit.ly/C4_News...)
But last night Thomas Cook's sad, slow demise was complete. At around 2am the company finally collapsed into administration, leaving 150,000 British holidaymakers stranded and 9,000 jobs at risk. The government says it didn't bail out the firm because it wouldn't have been a good use of taxpayers' money. The biggest peacetime repatriation will, however, cost £100 million. Company executives are being urged to repay their bonuses.
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SORRY FOR CUSTOMERS WHILE CEO GOES OUT WITH 3 MILLION IN THEIR POCKETS
@INDIANFUKING ALLTHEWHITEGIRLS Oh yeah the guy who sets his own bonus earned it by bankruptcy the company
@INDIANFUKING ALLTHEWHITEGIRLS wtf how can a human beeing deserve that amout? CEOs shouöd be held responsible in case of failure with their private money!
@INDIANFUKING ALLTHEWHITEGIRLS he didn't earn it though did he? They went bust. You're correct though that the money is his but the bonuses should be stripped to cover a tiny fraction of the cost to bring these people home. They knew they were going bust and still took bookings
@INDIANFUKING ALLTHEWHITEGIRLS you are not fucking anyone hahaha
@@pasgaf19 The US is now the United Corporations of America and you see how well it has worked for us. Do something now to hold executives and board members responsible. You'd think these people would be unemployable after this but the corporate world, as a rule, has no moral code.
That apology speech was the most heartless one I’ve ever heard
Like *MANY* other CEO's and politician apologies😒
@T d Racist
@INDIANFUKING ALLTHEWHITEGIRLS WTF man
@@daedricprince5837 This man, who happens to be from India - and who many Indians would be ashamed of - is contemptible. But don't stoop to his level by making a racist comment.
@@daedricprince5837 lol...now Ur being racist...
Thomas Cooked itself.
Well played
looks like thomas has tanked ha ha
You can all see yourselves out.
sick man sick man ha ha
you no were the gates are ha ha.
I just flew Thomas Cook to the UK in August and was really impressed with the airline. I came home to Orlando and told all my family and friends who had never even heard of this Carrier that they had to fly Thomas Cook. Little did I know that 4 weeks later they would be no more. What a shame!!! I pray that the employees will be able to find other jobs quickly
Barbara Johnson same as well I flew last month it was a very nice plane with an amazing crew and I flew back from Tunisia it is surprising that a few weeks later they have gone bankrupt
xKyanite they started making a profit from around 2016. With the amount of sales they made per year, I can’t believe they were not making a profit. Probably cooking the books while the investors and ceos walk away with millions. The biggest investor is probably going to open a new holiday firm which runs online only.
if people does not know exist the word : co-op, make a plan and look at governament autorization, if gover does not like, you have the reason why all workers ought to work under coop system, does not like to reach people as Cook owner and govern, becose you worker does not need they. Maybe some day people does understand everyone must to work for they own, as for example under coop system Marxist style, everyone it's owner of your own work. Not good?? the bestcorporate in european comunity is Monsanto Spain, 4percent grown last year, coop system. Not desocupation workers, and continiously get people.News look does not know about, not convenient for all the rest.
Yes Thomas Cook was well-known in Canada too, sad to see them go
I know! San Francisco - Manchester on Thomas Cook was great. Such a shame the shareholders got money and all the employees got was their job taken away
They should take some of the millions he and all the executives have in their bank account and force them to pay for the costs of bringing everyone back
Batnab that isn’t how a limited company works, the shareholders only have limited liability and therefore only lose the amont they invested in the business
Its call Capitalism
We live in capitalist society so there is no justice for the workers. The managers actually stole those money from the workers legally.
Yes in an ideal world I bet the people at top aren’t feeling the pinch.
The workers were part of the problem. Always asking for more pay without recourse to bank sheet. Unions pressuring for more. Protecting staffs from being downsized. The end result is yall lose your jobs.
You had money to pay the shareholders but not the workers. Shameful ownership
thats every day in the USA
@@Gee-xb7rt I know sadly
IronManDies ...I hope she’s able to find something else quick, employees always suffer when CEOs f@ck up
@@dairyentree did she want to resign when her CEO took his £11mill paycheck?
Welcome to capitalism. Enjoy coca cola with your economic recessions and corporate greed.
Unbelievable, 178 years of history. Thomas Cook was the pioneer in the business of travels. Such incompetence, the end of a British symbol.
Being a non Brit did the CEO care about the history of the company
forbiddencrisis oh there’s always one, like it depended only on him to save the company! 🙄🙄🙄😪
Did it need saving before he came along?
@@forbiddencrisis4149 probably not, the founder of Thomas cook is already dead so the current ceo can do what ever he wants. Just feel sad for the founder though, he probably built his company through blood swear and tears and everything in the end is all ended in the company collapse.
Why should the tax payer bail out a private company?
It won't!
To allow the thousands of staff a grace period to find new work, if anything.
@Russell Hobbs u think its the same?
The money it brings into the economy and the thousands employed?
@@quilliamattari2772 u have any idea what debt is?
Will anyone go to prison because of this? No. Rich people never go to prison unless they are put there by other rich people.
*_Have you ever thought just how unrealistic it is to rely on others for your financial survival? YOU, and you only are responsible for your existence, there are no guarantees for anyone... If you feel the rich, as you call them, have some advantage in life, then become rich, your destiny is in your own hands... Envy will just eat you up and spit you out, like the loser you appear to be._* 👀 😜
Jason Devon So true
I just want to put this out there : bankruptcy is not a crime. If bankruptcy is a result of fraudulent and illegal practices, then it is. But until proven guilty let’s not assume anything. (I know trying to sound rational on UA-cam seems strange)
@@cloverhal2284 it's not a crime but the other users are right. The people at the top that have millions in the bank should foot the bill for bringing the stranded passengers home, at least.
No one will go to prison as it’s not illegal?
WHY SHOULD THE TAXPAYER PAY FOR THIS MESS? LET THE SHAREHOLDERS GIVE THEIR MILLIONS BACK, OH WONT DO THAT WILL THEY. THEY DONT CARE.
no need to shout
WHAT SHAREHOLDERS? Shareholders big and small got nothing. You get dividends from profits. Thomas Cook made non last year. It actually clocked a loss of £-163 millions.
Nonye Business that’s not how that works..
shareholders in government not a cat in hell's chance
shareholders lost their money too
Until now, I didn't even know that they had their own airline. Oh, well, I can forget that now.
1:20 he's reading an apology script?? Smh.my 6 year old son knows how to apologize without a script..
For such a powerful businessman, he doesn't show any traits of a good public speaker. Monotone, cold, rigid and obviously using a script. I get it that it's grim times, but for god's sake, lets not make it worse by giving a dry speech as if the top management doesn't care.
The reason why he had to use a script is because it wasn't genuine and if it's not genuine then you can not do it spontaneous, you have to write down to remember how you feel.
Something tells me they are hiding the facts to the company's fall.
Absolutely tragic. So sorry about all of this. Feel for all those affected.
Sophie's vids about Everything good luck getting home ❤️
Affected? Come on, they were on Holiday. Not on kidney dialysis. 🤣
0:40 , what a guy, instead of complaining, he feel sorry about the workers. Respect
Also sadly Thomas Cook's demise was sealed 17 years ago when David Crossland left Airtours with a €900m hole in its accounts.
Tony Blair didn't want the ensuing redundancies on his watch during an election so the word went out to make sure it was rescued.
The rest has been a catalogue of how not to manage a holiday company.
I feel for everone affected as we all do, but like Monarch, TC has been on borrowed time (and money) ever since.
You are so right.
Im fairly sure that if I was paid 8 million pounds over a 5 year period I could definitely steer a company to bankruptcy..
I'd do it in two.
Some co get paid more and company's still succeed i think thats a reasonable pay
@@MariusNinjai the pay is not reasonable, especially when workers didn't get paid still
Give me 5 mill and a year and i`ll have a bankruptcy and some criminal charges with prison time.
@INDIANFUKING ALLTHEWHITEGIRLS you talking to me?
Worst example of pure, selfish, greed wankers.
They knew this was coming, they had to but did nothing about it.
they did do something. they took their bonuses early.
No they knew and keep quiet telling everyone it’s fine
@@sophieheslop8122 yes I agree and apparently to some people this is acceptable in business , so immoral ...
Feel awful for those who lost their jobs
They will be fine, they can claim Universal credit if they too poor.
GRIMALDI 420 A large majority of the time universal credit doesn’t cover basic necessities. Although there are exceptions it is incredibly hard to claim and gives you almost nothing
They will get more job not to wrry
@INDIANFUKING ALLTHEWHITEGIRLS No my mum got rid of her cancer thanks to cannabis oil
The Country is just not being run properly, financially bankrupt and morally bankrupt as well.
They are a private company. They run how they want to.
Don't tell me corbyns the man to sort it out with abbott on the calculator.Cant wait to queue for fashions and have no electric.
As always the top knobs are ok, everyone else? Proper screwed!
@INDIANFUKING ALLTHEWHITEGIRLS -- YOU,RE A NASTY PIECE OF WORK !!
Bit like brexit really
Proper use of a golden parachute for plane company CEOs :D
They must've got a good laugh about it.
@@rumples2698 yep coz everyone knows how much white girls hate foreign men...looool
Mismanagement everywhere. Greed by a few top eaters.
Mismanagement? nah. it only occurs in socialism. they say.
by the rules of capitalism, this must be a theft (nobody will go to prison for). or, is this what naturally happens in capitalism and we should live with it?
@@vulovulo6401 I stand by my comment. You can twist this all you want to fit your agenda.
not twisting anything. just reflecting on the biggest shouters and accusers.
Lack of innovation I think Jean . The world is involving
@@moviesjean23 Accountability is lacking. They get away with it and have for decades.
This is why u don’t give family members important jobs
Perhaps the directors could dip into their pockets to help the cost of getting customers home? They certainly helped themselves to enough.
why would they. they don't care.
@@TheWeepingDalek yea lol exactly
Pretty sure they on private Thomas cook jets going to the Bahamas 🇧🇸 haha
2.9 million to one man in bonuses. same old same old
Story
jim is i
he got the bonus.. EXACTLY BECAUSE of his SUCCESSFUL Bankrupting of the company..
THAT WAS HIS MISSION... otherwise he wouldnt be paid in full plus bonuses.. he would be SUED!!!
@INDIANFUKING ALLTHEWHITEGIRLS But it did bust lol
good
A person heading a corporation with thousands of employees can get what he/she is worth. The Walmart ceo gets 20million dollars a year for being the largest employer. If you divided his salary by number of employees, you would get $10. Enough to get you a pizza pie
Don't see why British taxpayers should foot the bill .
Exactly what EU taxpayers and members say about the UK and it's desire to leave the Union xD UK should pay and I don't see why EU has to trouble itself with an outsiders desire.
lol. welcome to the fiat currency era.
Exactly, they had 22,0000 employees and in uk only 9,000 emplyes yet again we have to pay for it.
nice to know the CEO/leeches got there perks phew i was starting to worry
Their
No different to any other company, what about the Banks and the massive wages/bonuses the big wigs took and the Government bailed them out with taxpayers money, greedy bas****s have no shame!
Thomas Crook has Brexited even before Brexit... who else is to follow!!!
brexit has already reduced the amount of money circulating and with the current uncertainty many are less likely to squander money on non essentials.
After a no deal brexit people will be more busy putting a dinner on the table here rather than trying to spend a pound abroad where it will buy much less than before.
The man that thought about all those who have lost their jobs, even though he was having a hard time, respect to you sir for thinking of those worse off than yourself, we need more like you
"What went wrong at thomas cook" answer Poor Management and greedy directors !!!
They are selfless theives. How many of the Thomas Cook staff lives they have destroyed. They seriously need to be accounted for. Also, the government were correct in not bailing them out.
Having never heard of this airline
They must of had a pretty good safety record
@krrrruptidsoless
Same here. Never heard of them.
krrrruptidsoless only Europeans know about it
Really big company here in the UK at least
Where do you live??? It is the most popular airline in Europe
@Hitman Ender creeper
You go past the airport hanger with friggin jets parked around it and think it a restaurant!?......
Whuuuuut....😆
Well, the CEO's apology went a long way didn't it?🤦
George C I know right BEST APOLOGY EVERRR solves everything
500 retail shops? Why? Just shop on line it's cheaper & faster.
Sheer overconfidence and underestimating the market would do that to a corporation.
Hi
Stopping retail shops is again job losses will happen
When things go wrong online, the majority of people don’t know what to do. Flight changes, building work, complaints, the customer will suffer now more than ever.
Sorry is the easiest way to come out of any problem. 🙂
I am really sorry for thomas cook and the workers I also work 1996 to 98 and I travel many destination I enjoyed good holiday God help all the workers and who lost holidays..
This video is not about what really happened to Thomas cook rather it's about what happened due to the shut down of Thomas Cook
I haven't booked a package holiday in years. Cheaper to book flights and hotels independently online.
8 million to drive a company into the ground...well done mate
The sector has struggled this year with punters holding off buying holidays and the fall in Sterling. Brexit has been a factor, one of many as in other industries it tips an already weak business model over the edge.
They wasted all they’re money on new aircrafts and hotels when the aircrafts they had we’re fine, they had thousands of holidays and hotels that the customers were pleased with ...they got them self into this mess by wasting them millions in the first place...😓x
@@angelsv You could save everyone who's interested the time and simplify it.
what stands for 3 six and what stands for 4 six ? i think a lot of groups use these numbers and its getting a bit complicated...thanks
@david stewart its not HE... HE is a serious word... SHE is still another puppet of her banker... that's why i wanna be a banker...
At least the directors can walk away with masses of cash. Every cloud has a silver lining.
It’s a shame but the writing was on the wall years ago, we haven’t used a travel agent for years, we save a fortune by booking direct. Sorry for the staff, some may use their experience and start up an internet travel site.
same here, it is much cheaper to sit at your computer and do a little juggling. I haven't used a travel agent for over 15 years.
Greed at the highest level of the company.
@Albert Pike What does the EU have to do with this? If anything Brexit is too blame.
@Albert Pike What the...are you high? Thomas Cook is a British company.
@Albert Pike It LITERALLY SAYS in the FUCKING DOCUMENTARY that it's a British company!!!! You can look this up!!!!
@Steve Terry So some German companies had a lot of stocks, doesn't make it a German company???
It saddens me so much to know my colleagues have lost their job :(
I’m in kenya booked with Tomas cook , and my return back to birmingham uk is tomorrow 😭
Good luck. Wouldnt want to be stuck in a similair situation.
I'd cry too if I had to go back to Birmingham.
stay patient shocked about your situation! greets from germany
Jan Valach I’m a British ,
@Jan Valach Why would someone with a Czech name like you care about who is British and who isn't? Talk about pretending to be a horse when you're a donkey.
Sad again crew and staff left out on a limb.. in the meantime you declare bankruptcy then restart another firm under another name .. pay ur staff first
I was lucky, I went on holiday to Orlando 1 month ago we thought they would go under before we got home so sorry to those that lost their jobs and missed their holidays
Prayers to all the Thomas Cook Employees. Love sent from USA
now jail the directors and management. they have their little fat fingers in the pie. attitude with we are OKAY JACK.
not only jail them freeze their bank accounts and start an immediate investigation
But what crime did they commit?
Thomas Cook had 600,000 customers booking with them at the time of their collapse. Due to financial negligence and poor chief executives (not forgetting their huge bonuses), this iconic 178-year old brand is no more
I wasn’t too upset when monarch went into administration, but Thomas cook has a special place in my heart and telling future generations about them will sure be nostalgic. It’s been the end of an era today, very sad all the people who lost the jobs, it was my dream job as well :(
brexit start ...british dont need anymore traveling evryone will be close in england
@JJJ I think he's making a joke
Lol
I felt sorry for all the 21,000 staff loosing their jobs, 9,000 in the UK, and not those winging holiday makers who keep complaining about the mess.
I agree. Not being able to pay rent or make a mortgage payment and being afraid of losing your home is something to get upset about. Clearly, a lot of people on holiday have never faced any significant stress or trauma.
In the end the government made a good call not to support Thomas Cook - Covid would have been the death nail.
Thomas cook failed to adapt to a changing world. Nobody does package tours anymore, everybody does it online. Adapt or die.
If you put in charge of UK company someone who doesn't live in UK he/she doesn't have any incentive to do well because they are getting bonuses no matter what. The same was with other UK companies eg. Thames Water which was run by German company,
Kalina Phillips this actually has jack all to do with whether he/she lives in the UK. Big business owners who live in the UK still get their bonuses and those companies can still go under take BHS for example. What you’ve done there is be anti foreigner for no reason other than the fact that you wanted to be anti foreigner but needed a poor excuse to be a bigot.
Pathetic, not a clue! It’s not 1950 businesses are international, ask James dyson
Hahahah its the German facists taking over your companies and killing them off for the fun of it. I wish I could see the world like you. Sounds so easy and fun🤣
I'll miss those brochures. when I was younger I always used to pickup the "expensive looking" holidays on the cover, so I could wish one day I could afford to go.
Me too
NicolaC glad I’m not the only one who did that ah ha
It's sad but it's true. Even kids have "expensive" aspirations .
oh - Tenerife for 150 pounds - wasn't that wonderful
The true cost of cheap holidays. Unsustainable business model.
@Russell Hobbs spot on!
@Russell Hobbs silly comment
The sterling has been garbage since brexit, you can't just be missing 15 to 20% of your money and continue the same way. The uk just doesn't have the buying power anymore in any sector. We expect many more uk businesses to go to the wall before that mess has been sorted.
Ha ... the wall. As in lining up at the beautiful new southern border between northern Ireland and the EU, waiting for smugglers to lob packages over. "Where you going dad? ... I'm going to the wall to do business, son. Stay here. Its not safe around The Wall." Yay Brexit!!
" Oh, so you're saying" lady.
Adrian C. Sup Adrian
Very very sad, customer always loses at the end.
In the US these executives would be bailed out and given millions for their trouble . I hope the UK citizens get the justice they deserve
Gosh, the world is on fire every where.
Things were worse before. We just see and feel more of it in modern times because instead of 3 tv channels, we have 300 ... plus twitter, plus facebook, plus increased modern sensitivity to personal pain and the pain of others.
the "world" is not on fire this is just the lastest fall out from brexit
I feel so sorry for all those who’ve lost their jobs. Hope the CEO’s have it in their heart to help them financially with the millions they have themselves as a bonus.
I want to apologise to my colleagues, basically you have lost your jobs, however we executives are okay.
Thomas cook legacy perished by incompetent management... Gone down the drain. What a sign.
What went wrong greed pure greed that’s what.
Wow. That lead guy for company actually sounded sad and caring and props to him speaking publically
Having to maintain 500 stores when they should have easily moved their business to E-commerce. Less employees, but more technical employees, and less clerks.
Yeap complete mismanagement...the technological revolution hasn't just happened over night. They could have scaled down or changed operational/ trading methods....
I'm sorry for the employees who lost their jobs. This is sad, very, very, sad.
Tomas cooked for a little too long and some how the food is raw
All the airlines bumping up prices and taking advantage of the chaos are disgusting
THEY WILL SPRING BACK AGAIN WITH A NEW CO. NAME.
Hugely incompetent management. Why did the CEO get bonus? Bonus is always a scam. Top management awarding them self money even when they fail to do their job. Big bonuses just before companies go belly up. In a society with proper laws that should be criminal.
If Fankhauser had any notion of ethics he would repay all his millions in bonuses. But will he? You bet he won't!
Its really sad when something gets shut down... Even if its a small company or big doesn't matter.. But if it goes bankrupt its really depressing.. Even I was running a small shop of my own ,, but it went wrong.. I faced a bit obstacles due to that.. But now its OK and recovered from it.. Anyways I have been hearing this giant brand from my childhood... And iam really glad and respectful to the makers of this Thomas cook to make it as a huge one for such a long time.. Hats off to that...
Thomas Cook finally ran out of ingredients. 😔
Many billions in turnover. 19 MILLION customers. These people must be uniquely incompetent to allow such a thriving business to collapse. They have destroyed the holidays of 600,000!! people, some of whom have been thrown out of their hotels abroad. But come back in six months and check how the directors are doing. They will still be living in their huge houses in the stockbroker belt and driving their Bentleys. They saw this coming - the bastards should be locked up.
The company was poorly managed for many years , The bonuses were certainly undeserved
My heart goes out to everyone
Too busy lining their own pockets that they took all the money
£8.3M over 5 years is insignificant next to £200M and that was just a bailout & not the true level of debt
Such a shame. So many people without a job .
If only the government did the same thing for the the big banks 2008.
I guess I don't understand corporate law. You sell something for a profit. You collect all of the money upfront.Then, when the purchaser wants what they bought you can't afford to give it to them. Why are they allowed to spend not only the profits from their sales, but also the money for the actual costs of the sale? There should be an investigation into just where all of the money went and that money should be seized from the people who have it..
Will the last one out please turn off the lights. Trotters Independent Traders has ceased trading.
I feel sorry for people that believe the media’s BS. No travellers were ‘stranded’, there was a plan that has been executed well. The company was leaching it’s money left, right, and centre, and thus there was no point for the British Government to put money into it when banks were against them, the majority shareholder was Chinese, and Thomas Cook most likely have had tax relief ever since they were on profit warning.
Another victim of Ryanair type airlines and Airbnb type lodging companies.
Internet transactions are safer and a safer. More and more people are accustomed with internet companies and prefer alternative ways of organizing their vacations.
It is certain companies like Thomas Cook will end to bankruptcy.
The friends of every modern low budget traveler is Ryanair, Airbnb and Uber.
It may be gone but Thomas cook will never be forgotten
Thomas cooked
The Poltical One you forgot the itself..🤦🏾♀️😂x
@@simbobedits1683 no, brexit cooked them
GhostlyJorg how??😂x
@@simbobedits1683 what are you talking about? It's hard to be in the holiday business when people's money are so much less worth abroad.
GhostlyJorg what are you on about😂?
This puts me in mind of the American company, Montgomery Wards. After 130 years of a great company it was eaten alive by the executives who slowly managed to take it over.
Hope Be Patient All Brothers & Sister On This Situation, .... God Bless All, .... Cheerio.🌠🇬🇧🌠👍👍👍🌠🌟🌠.
I remember I flew to Egypt and we came back. As I slept, I got a notification and it was that they went bankrupt! So lucky to be back then.
Coprate debt crisis next downturn is on its way and this is the start thier is over 1trilion in Coprate debt this is the start of the next crisis.
true be saying this to few people since 2015
Send the bill to the those who got a bonus
This is not BREEXIT, it is BORIXIT!
Brexorcism.
They have known of this situation for 2 years!
How come they were allowed to keep trading, taking peoples money....
Those in the know need to held responsible
Don't know why they didn't have offices in America, Americans travel the most.
NorceCodine err, no they don't- there might be more of them, but fifty percent of Americans don't own a passport, and a similar number have never left the country.
Move on.
greedy shareholders and an incompetent CEO who new nothing about the aviation industry
The thing that infuriates me is that Thomas Cook didn’t even get a proper send-off.
They knew they where going under they didn't let anyone know because they would of had to refund .now there bankrupt insurance will pay
Getting sick of the saying "buyer beware". When is it time for "seller beware"?
Workers should take ownership of the company!!
This isn't over, more & more companies will follow suit, with the evolution of digital purchasing, whether it be for virtual ownership or to buy physical goods, the high Street will die & is dying...
The down side to this is that local & International economies will collapse along side them, jobs will be even harder to come by & eventually, no retail jobs will exist at all.
If more jobs are going digital or to automation, it means shareholders and executives are saving/making more money. However, capitalism requires employed humans. If CEOs shamelessly lay off consumers, yet fail to share their found savings/profits with society at large, then we might see pitchforks and torches. Charging the same prices while society is making less money does not work.