Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
  • Home
  • Trending
  • State
  • Metro
  • National
  • International
  • Business
  • Feature
  • Entertainment
  • Sports
  • More..
    • Odisha Special
    • Editorial
    • Opinion
    • Careers
    • Sci-Tech
    • Timeout
    • Horoscope
    • Today’s Pic
  • Video
  • Epaper
  • News in Odia
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
No Result
View All Result

Class act

Updated: September 24th, 2019, 00:23 IST
in Edit
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

The world has lost a travel company with a creditable heritage to the intense competition of the modern times. Thomas Cook is now a gone concern and its demise has left 1,50,000 British holidaymakers stranded abroad and about 6 lakh travellers in all globally affected. The firm’s collapse has left the British government with the largest repatriation mission since the World War II on its hands. The travel company Monday announced the cancellation of all its flights to and from the UK, forcing the government to charter 40 flights to bring home natives holidaying abroad.

Thomas Cook had survived for 178 years in the travel market, which was no mean feat. It was the pioneer in packaged tours. The founder, Thomas Cook, after whom the company was named, is credited with introducing the concept of package tours. A strong supporter of the temperance movement, Cook believed travel was a good means to keep Britons from drinking. After starting with day trips by train, in 20 years, Cook’s company was offering trips in continental Europe, the Middle East and the US. It was a booming business that the cabinetmaker from Yorkshire had set up. But those things are now relegated to the annals of history. The harsh reality of the day is that there is stiff competition across industries. One model succeeds today and disappears the next day. Thomas Cook may have been the victim, probably of its inability to adapt and like any company with an outdated model of business and a large debt to repay, has perished. A bigger worry here is the fact that such a large company, with thousands of customers and supporting concerns will also take down with it numerous other jobs.

Also Read

Caste census

Mandal-Kamandal 2.0

5 days ago
Aakar Patel

Hyphen in Geopolitics

6 days ago

Within the company itself the crash means 22,000 employees globally stand to lose their jobs — 9,000 of whom are in Britain alone. Thomas Cook was revived from near bankruptcy almost eight years ago. But the firm accrued debt to the tune of 1.9 billion pounds and gave in after attempts to raise an additional 200 million pounds to meet its needs for the coming winter failed. For India, the saving grace is that Thomas Cook (India) Group has been an entirely different entity since August 2012. The firm was acquired by the Canada-based multinational investment company Fairfax Financial Holdings.

While the fact may be some relief for Indian travel businesses aligned with the group, there are lessons for companies to learn from the collapse. One of the biggest lessons would be discipline when it comes to debt. While debt is an unavoidable reality in the business world, it should not be allowed to grow beyond the point where risks far outweigh benefits. Thomas Cook may have survived for long on the prowess of the goodwill that the company generated in its heyday. But changing customer behaviour and the availability of numerous options online have faded the old-world charm of booking offices that Thomas Cook maintained. The travel industry is rapidly expanding and with an increasingly high number of people travelling, needs are also diversifying. Only companies that are able to offer the customer diversity of choice that fits into any kind of budget — both in terms of expenses and time — will be able to survive. The act of Thomas Cook has come to an end. It will be a difficult act to recreate. Sad end indeed.

Tags: Fairfax Financial HoldingsPackage toursThomas CookWorld War
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

 

OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

slide 2 to 4 of 30
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019
#MyPaperBagChallenge

Adrita Bhattacharya

December 12, 2019
#MyPaperBagChallenge

Bijswajit Pradhan

December 12, 2019
#MyPaperBagChallenge

Geetanjali Patro

December 12, 2019
#MyPaperBagChallenge

Keshab Chandra Rout

December 12, 2019
#MyPaperBagChallenge

Anasuya Sahoo

December 12, 2019
#MyPaperBagChallenge

Akriti Negi

December 12, 2019
#MyPaperBagChallenge

Debasis Mohanty

December 12, 2019
#MyPaperBagChallenge

Matrumangal Jena

December 12, 2019
#MyPaperBagChallenge

Sarmistha Nayak

December 12, 2019
#MyPaperBagChallenge

Swarit Praharaj

December 12, 2019
#MyPaperBagChallenge

Pragyan Priyambada

December 12, 2019
#MyPaperBagChallenge

Sibarama Khotei

December 12, 2019
#MyPaperBagChallenge

Shreyanshu Bal

December 12, 2019
#MyPaperBagChallenge

Priyabrata Mohanty

December 12, 2019
#MyPaperBagChallenge

Arya Ayushman

December 12, 2019
#MyPaperBagChallenge

Rajashree Manasa Mohanty

December 12, 2019
#MyPaperBagChallenge

Smitarani Sahoo

December 12, 2019
#MyPaperBagChallenge

Tabish Maaz

December 12, 2019
#MyPaperBagChallenge

Subhajyoti Mohanty

December 12, 2019
#MyPaperBagChallenge

Jyotshna Mayee Pattnaik

December 12, 2019
#MyPaperBagChallenge

Jhili Jena

December 12, 2019
#MyPaperBagChallenge

Archana Parida

December 12, 2019
?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????
#MyPaperBagChallenge

Dibya Ranjan Das

December 12, 2019
#MyPaperBagChallenge

Mandakini Dakua

December 12, 2019
#MyPaperBagChallenge

Rajashree Pravati Mohanty

December 12, 2019
#MyPaperBagChallenge

Ramakanta Sahoo

December 12, 2019
#MyPaperBagChallenge

Narendra Kumar

December 12, 2019
#MyPaperBagChallenge

Sisirkumar Maharana

December 12, 2019
#MyPaperBagChallenge

Saishree Satyarupa

December 12, 2019
#MyPaperBagChallenge

Adyasha Priyadarsani Sendha

December 12, 2019

Archives

Select Month

    Editorial

    German Challenge

    Germany flag
    May 7, 2025

    With the assumption of office by Christian Democratic Union (CDU) leader Friedrich Merz as Chancellor of Germany 6 May, Europe’s...

    Read more

    (Anti)-Trump Card 

    Trump
    May 6, 2025

    First it was Canada, and now Australia and Singapore: the anti-Trump factor appears to be benefiting parties that are perceived...

    Read more

    Mandal-Kamandal 2.0

    Caste census
    May 5, 2025

    The decision taken at a meeting of the Cabinet Committee on Political Affairs (CCPA), headed by Prime Minister Narendra Modi...

    Read more

    Hyphen in Geopolitics

    Aakar Patel
    May 4, 2025

    Through the 1990s and up until fairly recently, India insisted on something called de-hyphenation. The hyphen referred to was the...

    Read more
    • Home
    • State
    • Metro
    • National
    • International
    • Business
    • Editorial
    • Opinion
    • Sports
    • About Us
    • Advertise
    • Contact Us
    • Jobs
    Developed By Ratna Technology

    © 2024 All rights Reserved by OrissaPOST

    • News in Odia
    • Orissa POST Epaper
    • Video
    • Home
    • Trending
    • Metro
    • State
    • Odisha Special
    • National
    • International
    • Sports
    • Business
    • Editorial
    • Entertainment
    • Horoscope
    • Careers
    • Feature
    • Today’s Pic
    • Opinion
    • Sci-Tech
    • About Us
    • Contact Us
    • Jobs

    © 2024 All rights Reserved by OrissaPOST

      • News in Odia
      • Orissa POST Epaper
      • Video
      • Home
      • Trending
      • Metro
      • State
      • Odisha Special
      • National
      • International
      • Sports
      • Business
      • Editorial
      • Entertainment
      • Horoscope
      • Careers
      • Feature
      • Today’s Pic
      • Opinion
      • Sci-Tech
      • About Us
      • Contact Us
      • Jobs

      © 2024 All rights Reserved by OrissaPOST