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Chinese may take over Thomas Cook

Thomas Cook store

Thomas Cook, Britain's leading and the world’s oldest tour operator is struggling with a fall in demand for package holidays and increased online competition. Hence, the company put its airline up for sale in February and it said last month that it would close 21 stores across the country and cut more than 300 jobs.

Private equity groups KKR and EQT, as well as the acquisitive Chinese group Fosun International, are among the companies said to be interested in parts, or the whole, of Thomas Cook, according to Sky News.

Neither Fosun International, which runs a joint venture with Thomas Cook in China, nor Thomas Cook responded to requests for comment.

Thomas Cook was founded in Market Harborough in 1841 by businessman Thomas Cook. It is one of the world’s leading leisure travel groups, with sales of £9.6 billion in the year ended 30 September 2018. It is supported by 21,000 employees and has 200 own-brand hotels. It operates from 16 source markets and serves over 22 million customers annually. Thomas Cook Group plc’s shares are listed on the London Stock Exchange (TCG).