The Thomas Cook brand is heading to Club Med.
The Chinese company Fosun, which also owns the resort chain, acquired the collapsed British travel group — the oldest name is global tourism — for just over $14 million (11 million pounds) last week in a deal that gives them control over Thomas Cook’s websites, social media accounts and trademarks.
“The acquisition of the Thomas Cook brand will enable the group to expand its tourism business building on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism,” said Fosun’s chairman Qian Jiannong. The Chinese company was Thomas Cook’s largest shareholder.
Running huge debts as it expanded its services and facing stiff competition from online rivals, the company collapsed in September, leaving more than 150,000 vacationers stranded in holiday destinations around the world after it failed to secure emergency funding.
Thomas Cook was founded in 1841 in England by a cabinet-maker who took his first customers 12 miles by train from Leicester to a nearby temperance meeting.