High Street travel agent Thomas Cook could be the next store to embark on mass store closures as analysts Citi labelled the firm “worthless” after big losses. Shares are down 40% today.
The 180-year old company has branches on Eltham High Street, Bexleyheath, Bromley and Bluewater.
Losses of £1.5 billion have been revealed with the group already closing some branches but many more remain trading across the UK. To shore up its position the company is seeking to sell its aircraft.
It currently has a market value of £738m with debts around the same amount.
It’s the latest set back for the High Street with fashion retailer Select entering administration last week.
The UK’s largest estate agency with numerous shops across south east London under various brands such as Hamptons in Greenwich and Mann in Woolwich has also seen its share price reach an all-time low. It’s now down 99% in four years.