THOMAS Cook could become an online marketplace for holidays as the travel company looks to turn its fortunes around.
The company has already shut down more than a dozen stores this year and has recently announced £1.2bn half-year losses.
Earlier this year, Thomas Cook announced that it would close 21 of its stores in the UK, which put hundreds of jobs at risk.
The firm said that the majority of its sales in the last year were made online, and it was where the company would be focusing its business.
But Thomas Cook as an online marketplace is looking more likely, with its airline currently on sale, according to the Telegraph.
The website would list third-party providers for hotels, flights and tours to become an “asset-light” business to improve profits.
Thomas Cook’s own brand hotels, including Casa Cook and Cook’s Club, will still continue to operate.
Sun Online Travel has contacted Thomas Cook for comment, and the company has declined to comment further.
ON BOARD Is your Thomas Cook package holiday safe if the travel firm is sold?
The UK’s oldest travel company is struggling with massive debts and has seen its value plummet from £2.2bn to £180m in one year.
The firm issued a fresh profit warning and reported a half-year loss of almost £1.5bn after a goodwill write-off of £1.1bn, reports The Times.
Analysts at investment bank Citigroup branded their shares “worthless” and said they should be marked at zero, causing the value of its shares to plummet.
The company was forced to reassure holidaymakers that the firm will not go bust and that their holidays are safe.
However, after a brief uplift, their share prices dropped again after credit rating agencies Fitch and S&P downgraded the firm.
Brits who have booked flights through Thomas Cook will be able to fly as normal if the airline is sold, the travel company has confirmed.
Holiday-package bookers are protected by ATOL, meaning they will receive refunds for their bookings and be flown back to the UK free of charge if the provider goes bust.
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Thomas Cook issued a profit warning last September, reporting an operating profit of £280 million – compared to predictions of £323 million.
Shares fell by 25 per cent after the airline blamed the unexpected heatwave as one of the reasons behind the lower-than-predicted profit.
We previously revealed what you should do if your holiday provider goes bust, from rebooking to compensation.