Six months into a stent as managing director of Thomas Cook’s UK outfit, Reto Wilhelm returns to Switzerland. Set to resume control of the East-West region, Wilhelm supposedly left UK for personal reasons.
Thomas Cook Group PLC has announced selling their North American operations to Canada firm Red Label Vacations Inc. According to the news, the deal was worth only $5.2 million from the firm that operates travel website www.redtag.ca.
A brief announcement from TUI Travel, TUI Travel is slated to issue their financial results for the period ending 31 December via conference call on Thursday, 7 February 2013.
The financials are in from Expedia. According to the reports, wile quarter 4 revenue was up by 6.7% at $787.1 million compared with the previous year, expenses took their toll virtually eliminating and growth for 2011.
Orbitz announcements of deals and personnel changes, like most such corporate news fodder, would not ordinarly be a sign of anything big in the offing. However, with a closing price of $2.40 on Friday, and the inherent value underneath, it doesn’t take a rocket scientist to figure this stock is on the way up.
Travelport and Orbitz sue American Airlines over intended breakup of ticket sale deal. American wants exclusivity and no competition, while online travel companies demand choice for their customers. In what appears to be a move in protest of Travelport’s Southwest deal, AA aims to leverage their position. Meanwhile, Orbitz stocks tumble when they can afford it least.
TUI Travel accepts CFO resignation amid almost scandalous restating of financials. CEO Peter Long and CFO Paul Bowtell talk, after which Bowtell announces his resignation. A restated financial report reveals a fairly vast accounting error – stocks decline on the news.