Letter to BS: Thomas Cook collapse is a big blow to global tourism

This refers to “Thomas Cook goes bust, fliers stranded” (September 23). This is a typical case of overconfidence and mismanagement by a company. Thomas Cook was a well-established company that had, over the years, captured the confidence of the global market. Today's markets are highly competitive and survival is the only thing that matters and not past reputation. Therefore, companies should first review their own capabilities before thinking of mergers and acquisitions. Increased market indebtedness will erode shareholder confidence and lead to flight of capital. Liquidity erosion does not occur overnight and in retrospect, Thomas Cook should have restricted its