EMCC European Monitoring Centre on Change

Thomas Cook

Company/Organisation:
Thomas Cook

Geographic Location

Country: Germany

Company

Sector: Administrative services
Administrative and support service activities
79 - Travel agency, tour operator and other reservation service and related activities
Number Employed: 2100
Group: Thomas Cook

Employment Effects

Announcement Date: 21-11-2019
Planned Job Reductions min: 1050
Planned Job Reductions max: 2100
Type of Restructuring: Bankruptcy
Employment Effect Start: 01-01-2020

Additional Information

After filing for insolvency earlier this year, the German branch of the British tour operator Thomas Cook has been declared bankrupt in November 2019, which will lead to 2,100 redundancies. However, half of the dismissed staff might find new employment possibilities in the same field, as several units of the Thomas Cook group have been acquired by investors. 

After the liquidation of Thomas Cook in the UK and other foreign subsidiaries, in autumn 2019, the German government expressed a will to offer financial support to the national branch of the company. Nevertheless, the auditing bodies have declared that the business is unsustainable in the long-term. Thus, the support instrument for the company has been withdrawn. Currently, the German government seeks ways to compensate the affected customers of Thomas Cook. 

 

 

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