The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Administrative Services Travel Agency, Tour Operator And Other Reservation Service And Related Activities Travel Agency, Tour Operator And Other Reservation Service And Related Activities 79 - Travel agency, tour operator and other reservation service and related activities
1,050 - 2,100 jobs Number of planned job losses
Announcement Date
21 November 2019
Employment effect (start)
1 January 2020
Foreseen end date
Description
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 Thus, the support instrument for the company has been withdrawn.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.
Eurofound (2019), Thomas Cook, Bankruptcy in Germany, factsheet number 99230, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99230.
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