Editorial

Thomas Cook has a lesson for our banks

29 September 2019 - 00:04 By SUNDAY TIMES

The collapse of Thomas Cook, the world’s oldest travel agency, which left 150,000 tourists stranded all over the world, was a result of bad management, accumulation of bad debt, reduced demand for the northern hemisphere’s summer holidays, concerns over Brexit and, most important, the shift from the traditional travel agency to self-book holidays on digital platforms such as Airbnb and Booking.com.

The digital revolution is not just threatening the travel and tourism sector, it is creating an existential crisis for other industries, also banking. This week the labour court granted bank bosses an urgent interdict against a strike by  Sasbo...

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day, Financial Mail or Rand Daily Mail websites? Sign in with the same details.



Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.

X