Shocker! Travel behemoth Thomas Cook declares bankruptcy

The UK-based travel giant Thomas Cook has shut shop.  The company announced insolvency on Monday after it failed to raise USD 250 million debt from different sources.  “We have not been able to secure a deal to save our business,” the company’s CEO Peter Fankhauser has been quoted as saying.

It’s estimated that the global giant’s closure will directly affect 22,000 jobs.  

The government of the country has, meanwhile, started efforts to bring back Thomas Cook’s passengers (tourists) from different places.  There are at least 6,00,000 of them.  Of these, 1,50,000 have reportedly sought the government’s help already.

“It will cost £600 million to bring holidaymakers home. It would have cost £200 million to rescue the business. Thousands of jobs gone. Hundreds of thousands of holidays ruined. What kind of government makes such a stupid decision?” tweeted out a Labour MP.