The Limited Times

Now you can see non-English news...

Hope for a new start: Thomas Cook wants to continue with the help of Neckermann

2019-09-30T11:20:15.320Z


Thomas Cook wants to use his daughter Neckermann as a protective screen. With the traditional brand, the revival of the insolvent tour operator should succeed. But still a state loan is missing.



The insolvent German tour operator Thomas Cook puts his hopes on the daughter Neckermann Reisen. The management hopes that a reboot will succeed under the traditional brand. "I see good chances to revive the glorious past," said Stefanie Berk, managing director of the German Thomas Cook of the "German Press Agency".

Neckermann is still the highest-volume travel brand of the company in Germany. "However, we have to succeed in regaining lost confidence," Berk said. "All of us at Thomas Cook, but also at Zurich Insurance, try to support our affected customers as much as possible."

The German Thomas Cook, which includes Neckermann Reisen, Öger Tours and Bucher Reisen, among others, was caught in the wake of the bankruptcy of the British parent company. In the middle of last week, three German Thomas Cook companies filed for insolvency. Zurich Germany has secured holiday and return travel for Thomas Cook customers.

Bringing Neckermann into the picture seems like an advertising campaign to save Thomas Cook's survival in Germany. The tour operator is bidding for state support and has applied for a bridging loan of 375 million euros from the federal government and the state of Hessen. In order to maintain this, the company also needs a survival scenario. Without the credit, a sale or an investor, Thomas Cook soon loses his breath - then there is no future under the signet of Neckermann. Neckermann himself is also under strong competition.

The state loan should enable the company to resume operations, Berk said. "In parallel, discussions are held with investors." After the first shock of insolvency, the employees now have hope. Everybody tries to keep the consequences for the customers as low as possible and to inform them comprehensively.

"The situation for the approximately 2,000 employees is tough, but you notice departure mood," said the manager. "The appearance of the provisional insolvency administrators last week at the works meeting left the impression that the refurbishment can succeed." The wages and salaries of the employees are reported to be secured by the bankruptcy fee until the end of November 2019.

Thomas Cook Germany filed for insolvency last week. Around 140,000 holidaymakers were last on the road with the company Thomas Cook, Neckermann, Öger Tours, Air Marin and Bucher Reisen. Thomas Cook Germany aims for a restructuring with the bankruptcy.

The German charter Condor has torn from the British parent company Thomas Cook and now needs a buyer - there are some interested parties. The Federal Government gave Condor some leeway with a bridging loan of € 380 million.

According to Berk, employees in Germany had been hoping for a rescue of the parent company. "The sequence of events was not expected to be so, it was a shock to the staff." According to Berk, agreement had been reached on important points. "But in the final phase, the negotiations have failed." For the exact reasons, the manager did not comment. The British Thomas Cook had negotiated with investors on additional funding in the amount of 200 million pounds.

The travel industry as such sees Berk continuing its growth course. "The need to travel is still strong and unrestrained."

Source: spiegel

All business articles on 2019-09-30

You may like

Life/Entertain 2024-03-25T15:26:18.560Z

Trends 24h

Latest

© Communities 2019 - Privacy

The information on this site is from external sources that are not under our control.
The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.