Thomas Cook Group

Thomas Cook's 2019 collapse ended 178 years of history - the company that invented the package holiday couldn't survive the internet that made it obsolete. The world's oldest travel company had £1.7 billion in debt and a business model under assault from online booking. When a £200 million rescue deal fell through over last-minute terms, 600,000 customers were stranded globally, requiring the UK's largest peacetime repatriation. Thomas Cook exemplified legacy burden: physical travel agencies, outdated IT, and high fixed costs that online competitors didn't carry. The brand sold for £11 million to an online operator.