Thomas Cook unscathed by Arcandor bankruptcy

Tour operator Thomas Cook has stressed that it is not affected by parent company Arcandor filing for bankruptcy.

Thomas Cook

The German company owns department stores and a mail order business as well as 52.8% of Thomas Cook. It has failed to secure state aid after being unable to produce a viable recovery plan.

Thomas Cook, currently on the hunt for a new advertising agency, says that Arcandor’s decision will have no impact on its customers and its business.

Thomas Cook adds that its financing arrangements are completely independent from Arcandor’s financing and that it has been operated as a standalone entity, separate from the Arcandor group.

The company says that it has not had any approach nor is any discussion regarding an acquisition of the Arcandor stake or in regard to any potential buy-out offer.

Chief executive of the holiday company Manny Fontenla-Novoa adds: “Arcandor’s insolvency has no impact on Thomas Cook’s financial position or its operational performance, nor on its management and staff. We remain as a completely independent and separate business, ring-fenced from Arcandor. There is no impact whatsoever on our aircraft or our hotel relationships, nor on the holidays that we provide to our customers. It remains very much business as usual at Thomas Cook.”

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here