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Thomas Cook is the second-largest tour operator in Europe, with 22.5 million customers in 21 countries and a sales turnover of £8.9 billion in 2010. The company has a long list of well-known brands, including Club 18-30 and Direct Holidays (Box 1). It also has 1,300 travel shops in the UK and employs 30,000 people.
However, it issued three profit warnings during 2011 and lost a number of senior executives, including its chief executive of 11 years. In November the company was forced to renegotiate the terms of its gross debt burden with lenders for the second time in just over a month.
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