by Donald Wood
Last updated: 4:37 PM ET, Wed October 9, 2019
After a collapse that left thousands of travelers stranded, Hays Travel announced it would purchase all of the 555 Thomas Cook shops, a deal that could save up to 2,500 jobs.
According to Reuters.com, the cost of the acquisition was not revealed. Hays Travel Managing Director John Hays and Chair Irene Hays announced the family-owned company would be taking over and operate the Thomas Cook network of shops, in addition to its own 190 shops and 1,900 staff members.
John Hays told local media outlets during a press conference that he hopes to have many of the Thomas Cook shops back open by Thursday under the Hayes Travel name and with smaller crews of employees. He admitted there would be some issues as they work out deals with landlords.
There are also possible issues with overlap, as Hays Travel and its former competitor Thomas Cook had shops in similar areas. John Hays would not guarantee all storefronts would remain open, but the company said it plans to bring back all former employees.
The purchase of the Thomas Cook shops gives Hays Travel access to new markets where it had little or no presence, including Scotland and Wales. John Hays told Reuters he was "elated to get the deal over the line. It's been emotional."
It was also an emotional day for staff impacted by the sudden closure, with many reportedly in tears when they were informed their jobs were saved.
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