The short answer to this is that the travel company is yet to sell its airline business, but it recently announced that it has received multiple bids for the business. The company is still reviewing its airline business hoping to unlock more value for shareholders in case it is acquired given that it is currently a loss-making operation.
Thomas Cook Group PLC (LON: TCG) today reported a full-year loss of £1.45 billion ($1.86 billion) for the 2019 financial year ended March 31. The company blamed the ongoing Brexit negotiations for the loss as its U.K. customers postpone their trips in anticipation of Brexit day.
The travel Group has so far closed 21 branches in the U.K. and has slashed the number of holiday destinations and packages on offer as demand for its holiday packages plummets. The company was also negatively affected by the higher fuel and hotel costs, which ate into its margins during the 2019 fiscal year.
The company’s latest financial results may derail the sale of its airline business given the massive losses reported.