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Wednesday newspaper round-up: Thomas Cook, New Look, Travelex

By Michele Maatouk

Date: Wednesday 16 Sep 2020

Wednesday newspaper round-up: Thomas Cook, New Look, Travelex

(Sharecast News) - Thomas Cook is being resurrected as an online-only travel business, exactly a year after the 178-year-old company ceased trading, stranding 150,000 holidaymakers abroad. The relaunch comes as the travel industry faces the worst tourism crisis since records began. World Tourism Organisation figures show that international tourist trips dropped by 65% during the first half of the year, an unprecedented drop. But Thomas Cook's UK chief executive, Alan French, said the company was taking the "long view". - Guardian

New Look has won approval for a three-year rent holiday on 68 of its stores and big rent reductions on hundreds of others as it battles to stay afloat and save the jobs of its 11,200 employees. Landlords and other creditors voted in favour of an insolvency process known as a company voluntary arrangement (CVA) on Tuesday which will also let New Look reduce rent payments on hundreds of stores. - Guardian

Employers' National Insurance contributions and business rates could both be cut as Rishi Sunak contemplates "creative" ways to help firms beyond the end of the furlough scheme after almost 700,000 people lost their jobs between March and August. The Chancellor said he would "find ways of effectively helping people" when the Treasury stops paying the wages of furloughed workers next month. - Telegraph

The White House is expected to approve a deal to allow Chinese social media app TikTok to continue operating in the US on Tuesday. Technology giant Oracle, once considered a dark horse in the race to buy TikTok's US operations, has been chosen to become a "trusted technology partner" and a minority shareholder in a new TikTok company, which will be US-headquartered. - Telegraph

Unsecured creditors in Travelex are facing heavy losses after suffering a shortfall of more than £368 million after a pre-pack administration of the foreign exchange business. The majority, about £319 million, is owed to bondholders who took control of the company last month through the administration and whose identities are unknown. - The Times


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