Thomas Cook has a lesson for our banks

29 September 2019 - 00:04

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.

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