At its height Thomas Cook had annual sales of 9 Billion. Over 16 countries it employed 22K staff (9K in the UK). They served 19 million holidays a year and were founded in the late 1800’s.
They ultimately folded because they had debts greater than 1 Billion with 150 million interest a year on their debts. They would struggle to pay hotels in the winter months when they inevitably made less money.
They cited Brexit as a significant factor back in May 2019. They felt that specifically the uncertaintly of Brexit over the summer put a not insignificant number of people off booking holidays. Whilst this was undoubtedly a significant factor it is certainly not the only one. A very warm summer in the UK may have meant less of us choosing to holiday abroad (although there have been loads of warm summers that they had been profitable in). The rise in low cost airlines has been a suggested factor. However, I am unconvinced by this given that they have already been a factor for 20 or 30 years. What I am more convinced by is that as people have got more and more familiar with travelling abroad they feel less need to book their holiday through a travel agent.
Anecdotally, I am in my mid thirties and can only remember one occasion as an adult where I went on holiday through a travel agent. This was because my ex-girlfriend booked the holiday and due to an unusually financially competitive deal.
I hope that those who have lost their jobs are able to quickly find work. I also hope that something is done for those who are stranded or have lost a lot of money for holidays they paid for and have undoubtedly been looking forward to.