Demise of travel brand has cost 9,000 jobs in U.K.
(Bloomberg) -- The British government has ordered a probe into the role of Thomas Cook Group management in the collapse of the 178-year-old tour operator, which cost thousands of jobs and left people stranded across Europe.
Business Secretary Andrea Leadsom asked the state Insolvency Service to investigate the responsibility of the company’s directors and whether any action they took may have “caused detriment” to lenders or pension schemes. The government also has expressed concerns about bonus payments.
Anger around the collapse has been stoked by the continuation of operations at Thomas Cook’s German and Scandinavian arms, where rescue bids are still under discussion. Prime Minister Boris Johnson has defended a decision to refuse a U.K. state bailout, saying it would have set up “a moral hazard.”