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.