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.”