Thomas Cook, a 178-year old English global travel group has announced it’s immediate shutdown and the decision will affect dozens of Moroccan hotels and travelers, specifically in Marrakech and Agadir. The sudden closure shocked millions of passengers who went onto Cook’s website and saw that the homepage was replaced with three sentences: “
1) Thomas Cook UK Plc and associated UK entities have entered Compulsory Liquidation and are now under the control of the Official Receiver.
2) The UK business has ceased trading with immediate effect and all future flights and holidays are canceled. 3) Dedicated support service is being provided by The Civil Aviation Authority to assist customers currently overseas and those in the UK with future bookings.”
The unexpected news is said to be the result of an inability for the company’s stakeholders and new money providers to come to an agreement. As a result “Thomas Cook must enter into compulsory liquidation with immediate effect.”
The announcement is no small matter. Among the consequences of the shutdown include 22,000 people worldwide losing their jobs, (many of which which are Moroccan positions), a loss of $1.86 B in the first half of 2019, and a massive disruption for travelers and flights. It is estimated that in “Operation Matterhorn” an estimated 150,000 tourists will be assisted to return to the United Kingdom; British Airways and Easy Jet are involved.
The predicted costs of all these issues are likely to topple $746M and the UK government will need to assume the bills. These numbers are making many commenters and those affected by the situation furious. The number far outweighs the $250 M that Thomas Cook would need to stay open.
In spite of this reality, the shutdown appears final and all future flights and holidays have been affected. “We are sorry to inform you that all holidays and flights provided by these companies have been canceled and are no longer operating. All Thomas Cook’s retail shops have also closed.”
Currently, Morocco’s Ministry of Tourism, the hotel industry, travel agents, and Morocco’s National Office of Tourism are working in the “Operation Matterhorn” crisis. The intention is to work closely with British authorities and help with the repatriation of Thomas Cook customers back to the UK; this is the biggest repatriation effort since World War II. The operation is organized by Abdellatif Kabbaj, president of the National Confederation of Tourism and also CEO of the Kenzi Hotels Group.