Beaucaire From Syria, joined Sep 2003, 5252 posts, RR: 23 Posted (7 years 2 months 6 days 9 hours ago) and read 3588 times:
The travel group Thomas Cook-owned by the German Holding-group Arcandor ( Essen ) might have to be sold to save the loss-making mother group,who owns large retail-outlets in Germany.
Thomas Cook owns the charter- airline Condor (Germany ) and several other charter-airlines in the UK and Belgium. Condor was supposed to be bought by Air Berlin,but failed financing possibilities of the Berlin airline , made the deal impossible.
FCAFLYBOY From United Kingdom, joined Nov 2006, 663 posts, RR: 0
Reply 1, posted (7 years 2 months 6 days 8 hours ago) and read 3529 times:
Interesting. I would assume this would mean the sale of Condor only, however, as TCX is quite profitable and has recentlyy acquired MYT in the UK.
They are also the UK (and possibly the world's) oldest established Tour Operator with a huge market and high-street presence. I would imagine they will take some of DE's 75's/76's before the sale though, should it go ahead.
Humberside From United Kingdom, joined Dec 2005, 4945 posts, RR: 4
Reply 2, posted (7 years 2 months 6 days 5 hours ago) and read 3342 times:
Redaing that article, Arcandor may sell it's 52% stake in Thomas Cook plc, the London Stock Exchange listed company that in turn owns Condor, the UK business etc. Doesn't seem to be a sale of a particular subsidary such as Condor
Jetset409 From United Kingdom, joined Sep 2008, 21 posts, RR: 0
Reply 3, posted (7 years 2 months 6 days 4 hours ago) and read 3230 times:
Quoting FCAFLYBOY (Reply 1): however, as TCX is quite profitable and has recentlyy acquired MYT in the UK.
Well that's exactly it - it is profitable, hence the group would receive a good price for selling it. It seems nonsensical, but often businesses in times of financial dificulties (or just loss making times) sell off the non-core profit making assets in order to generate cash which they use to maintain their core businesses through a turn-around back to profitability. If TCX were loss making, it wouldn't necessariy be sold and would only add to the accounting losses through write-offs...