Oct 9, 2019

Hays Travel saves 2,500 jobs with Thomas Cook takeover

A closed Thomas Cook branch

A closed-down brnach of Thomas Cook. Photo: Oli Scarff/AFP via Getty Images

Hays Travel, a family-owned British travel company, agreed to buy all 555 retail shops of insolvent Thomas Cook.

Why it matters: This could save upwards of 2,500 jobs, with Hays saying it plans to reopen many of the shuttered shops immediately. The rest will depend on landlord negotiations.

Context: Thomas Cook shuttered last month when it went into liquidation after it became unable to service its debts.

The bottom line: "Thomas Cook’s collapse stranded hundreds of thousands of holidaymakers around the globe and sparked the largest peacetime repatriation effort in British history," Alistair Smout of Reuters writes.

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