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Last night travel firm Thomas Cook lost three quarters of their value, with share prices falling 75% to just 10.9p.
Thomas Cook, Europe’s second largest tour operator, announced on Tuesday that it was seeking financial assistance from lenders, which led to loss of confidence amongst its shareholders.
The company has made a minor recovery this morning and are now trading at around 13pence. However, the company’s future remains uncertain.
Thomas Cook has seen its share price steadily decline over the last 12months. They say the reason their prices have dropped over the year is because popular destinations such as Tunisia and Egypt have seen political unrest, and the tour operator also noted that natural disasters such as the flooding in Thailand had caused shares to “deteriorate”.
It’s reported that the company is also planning on closing over 200 of its high street travel branches to help save money to aid recovery. However, the future of Thomas Cook remains uncertain. We’ll have to wait until the new year to see if things improve.
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