178 years old Thomas Cook shuts down

178 years old Thomas Cook shuts down

British's travel giant which is a 178 year old company, has shut down its operations after it failed to secure rescue funding. The company was holding discussions with its investors and shareholders for a fund of $250 million but they were apprehensive. Thomas Cook also approached the British government for a bailout of about $187 million which the government rejected.

Thomas Cook has 21,000 employees in 16 countries and all of them will lose their job with immediate effect. Also thousands of Thomas Cook costumers are stranded in different countries while the UK government is doing efforts to bring back their citizens.

Started in the year 1841, Thomas Cook was debts ridden for the past few years. In May this year, the company reported nearly $1.5 billion debts and they kept piling up. A few months back, Thomas Cook had cited Brexit as one of the reasons behind slowdown in bookings.

Chief Executive of the company Peter Fankhauser said, "This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world."