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Cox & Kings faces cash crunch, cancels Europe tours; panic among employees

It has already defaulted on loan repayments and closed some of its overseas branches because of cash crunch

Cox & Kings
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Cox and Kings said it was in talks with several financial and strategic investors but raising funds has taken longer than anticipated

Aneesh PhadnisAvishek Rakshit Mumbai/Kolkata
Cox & Kings on Tuesday cancelled European group tours at the last minute and put hundreds of employees on notice after a delay in raising funds, confirmed the troubled tour operator.

It has already defaulted on loan repayments and closed some of its overseas branches because of cash crunch. Employees have also not been paid for three months. On Monday, it asked hundreds of staff to leave, sparking protests at its Mumbai office.

Now, even customers are facing the music for its financial crisis.

Cox and Kings had marketed several group tours for October. These are popular in West Bengal
Topics : cox & kings