Thomas Cook forced to reassure holidaymakers as shares plummet further
Thomas Cook has been reassuring customers their holidays will be going ahead after shares in the struggling travel firm plunged lower today.
Shares in Thomas Cook dropped as much as 17 per cent to less than 10p, having suffered a 40 per cent plummet on Friday.
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The travel agency was forced to take to Twitter to reassure worried holidaymakers that it was “business as usual” and their plans would not be disrupted.
“We’ve been taking customers on their holidays with us for over 175 years and we plan to do so far a very long time to come,” the company told one concerned customer.
Hi David, there is no need to be concerned about your flight to Cancun in June. Our operations are running just as normal and want all of our passengers to travel with confidence! Let us know if you need anything else before you fly, David. 😊 ^Alex
— Thomas Cook Cares (@ThomasCookCares) May 20, 2019
The panic came after Thomas Cook last week issued a fresh profit warning and revealed a huge £1.45bn loss in the six months to the end of March.
The disastrous half-year results led analysts at Citigroup to downgrade the firm’s shares to sell, describing them as “worthless”.
Hi Adam, recent media speculation will not be affecting our Airline Operations and your flight will be going ahead just as normal. We want you to travel with the utmost confidence! If you need anything before you travel, don't hesitate to message back through to us. ^Alex
— Thomas Cook Cares (@ThomasCookCares) May 20, 2019
Thomas Cook also issued a statement on Sunday in a bid to allay concerns raised on social media that the firm was on the brink of collapse.
“We have the support of our lending banks and major shareholders, and just this week we agreed additional funding for our coming winter cash low period,” the company said.
Read more: Thomas Cook shares crash 40 per cent as investors urged to sell
“We have ample resources to operate our business and at the same time, as usual, our liquidity position continues to strengthen into the summer period.”
Thomas Cook has been hit by a string of challenges, including increased competition, rising fuel prices and Brexit uncertainty, and is currently seeking a buyer for its airline division as it looks to slash its ballooning debt pile.