Up-to-date coverage of the latest events in UK retail.
Thomas Cook stores saved by rival
Thomas Cook’s shops have been bought by rival travel agent Hays Travel in a deal set to save 2,500 high street jobs.
Hays, the largest independent UK travel agent, agreed a deal to buy 555 of Thomas Cook’s 563 UK stores, after the ailing business abruptly fell into liquidation last month, leaving holiday makers stranded and putting thousands of jobs at risk.
The independent agent said it had already employed some 600 former Thomas Cook employees, and had “further offers outstanding” to others.
The business, owned by husband and wife John and Irene Hays, took the Thomas Cook stores on existing rents, many of which are up for renegotiation in November. The Hays’ said they would negotiate the rents on each store from that point on a case-by-case basis.