The bankruptcy of parent company Thomas Cook is now spreading to its subsidiaries. On Wednesday, both German Thomas Cook GmbH and Polish Neckermann announced that they were forced to file for bankruptcy.
If you call Thomas Cook's German subsidiary, you'll be greeted by a recorded message saying that all travel sales are suspended pending the development of the situation with the parent company. And on Wednesday it became clear that the subsidiary is also going bankrupt.
In a short statement to German media, Thomas Cook GmbH writes that this was a step it would have preferred to avoid, but that it was necessary in order to free itself from the parent company's financial obligations. The company writes that 140,000 travelers are affected by the bankruptcy, and that it is now cooperating with the German Foreign Ministry to get everyone home.
The subsidiary has applied for reconstruction, and the goal is to continue operating it under its own management. "We will do everything in our power to ensure the company's survival," they say in a statement.
At the same time, Thomas Cook's Polish operation Neckermann Polska announces that it is bankrupt and that all flights have been canceled since Tuesday, reports the Reuters news agency.
Source: sverigesradio.se
