Hays Travel saves 2,500 jobs with Thomas Cook takeover
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.