The heritage UK travel company Thomas Cook, a master of package tours with a history of almost 200 years, has collapsed. The Internet took its toll. Offering travellers the classic range of services - arranging holiday tours, hotels, airlines, insurance and other travel-related services - came with a high cost structure, and eventually led to its downfall.
The old business model, based on a static value proposition led by a reactive set of leaders who were late in recognising the changes in customer needs and behaviours, finally crumbled in the face of mounting debts and lack of cash flow.
Already a subscriber? Log in
Dive deeper at $0.99/month
Want more exclusives, sharp insights into what's happening at home and abroad? Subscribe to stay informed.
ST One Digital Package - Monthly
$9.90 $0.99/month
No contract
$0.99/month for the first 3 months, $9.90/month thereafter. T&Cs apply.
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
2-week e-paper archive so you never miss out on any topic that matters to you