Uk Tour Operator Loses 75 Percent Market Share In A Day

13th, 2011
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İsmail Özbozdağ, TÜRSAB branch chief in Marmaris evaluated the depreciation of Thomas Cook, Europe’s second largest tour company in the stock market.
The value of shares in Thomas Cook, Europe’s second biggest tour operator slumped by 75 per cent after it said it is talking to banks about re-financing its debts. Turkey and other countries which the company organized tours met the news with concern.
İsmail Özbozdağ said in a statement on the subject “Thomas Cook has a significant share in tourism market which is about 1/3 of the size. This means Thomas Cook is one of the holiday giants in Europe, second after TUI Travel. Personally, I do not believe Thomas Cook will go bankrupt. Such an idea never crossed my mind. They had some problems due to disagreements in their relations with some of the banks in their own country, but they will soon rebound and build up confidence. All they need is time. We should never speak of bankruptcy, we should even not think about it.”
Özbozdağ said Thomas Cook is not only a tour operator, but a holding company. “They have branches in several industries. Even if one of the sectors take a financial bath, other sectors will recoup. Bankruptcy is not possible for Thomas Cook. May all my hotelier friends be comfortable; there are 200 passengers between Marmaris and UK, and 10% belongs to Thomas Cook. We can see these figures in their agreements with the hoteliers. Tourism sector, above all, is a gentle sector affected by smallest things. War and civil unrest do not fit tourism. In other words, if peace, serenity, and life security are missing, you will not see tourists anywhere. Just like in Egypt, Tunisia, Libya, Iraq, Israel and Syria.
We could not hit our target in 2011 due to diplomatic crisis with Israel and due to civil unrest in Syria. I hope, the dark clouds over our country and the world quickly dissipate and we return back to the sunny days.”

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