Thomas Cook collapses

Thomas Cook, the world's oldest travel company, has collapsed, leaving around 150,000 British holidaymakers stranded abroad and putting 9,000 jobs in Britain at risk.

The company went into compulsory liquidation in the early hours of 23 September, after last-ditch talks to find an extra £200 million of funding failed.

Operation Matterhorn

The government and the Civil Aviation Authority have launched the biggest peacetime repatriation in British history, known as Operation Matterhorn, to bring holidaymakers home over the next two weeks.

Dozens of aircraft have been chartered from other airlines to fly customers back from destinations including Spain, Greece, Turkey, Cyprus and the United States. People on holiday will be brought home as close as possible to their planned return date.

Holidays booked as package deals are protected by the ATOL scheme, which means customers will get their money back.

178 years of history

Thomas Cook was founded in 1841 by a cabinet maker of the same name, who organised a rail excursion from Leicester to Loughborough for a temperance meeting. The company went on to pioneer package holidays and travel around the world.

It operated shops on high streets across the country, including in Birmingham, as well as an airline and hotels.

What went wrong?

The company had large debts, partly from a merger in 2007 with MyTravel. It struggled to compete with online travel agents and budget airlines, and was hit by uncertainty over Brexit, which led some people to delay booking holidays, and by a heatwave last summer.

Rescue talks fail

A rescue deal led by the Chinese company Fosun, its largest shareholder, had been agreed, but banks demanded an extra £200 million. The government decided not to provide the money, saying it would have been throwing good money after bad.

Questions over pay

The collapse has raised questions about the pay of the company's bosses, who received millions of pounds in bonuses in recent years. MPs have called for an investigation.

The chief executive, Peter Fankhauser, apologised to customers and staff, saying it was a matter of profound regret.

Staff

Thousands of staff lost their jobs immediately, and many have been left unsure whether they will be paid. Unions are calling for support for workers.