Company Restructure Solicitors – Thomas Cook poised for restructure

Company restructuring can often be an essential part of a business’s survival or future growth and change of this nature needs to be managed confidently and often requires legal assistance from a specialist company restructure solicitor.

Thomas Cook is heading for a restructure of this nature and whilst it sorts out the financial and legal issues of the restructure they have delayed publication of full-year results until all restructure talks are concluded.

One of the banks which was engaged in talks with the cash-strapped tour operator, has indicated it is keen for a swift resolution of the company’s debt crisis.

It appears likely that company restructuring plans will involve shop closures. Thomas Cook merged its retail division with The Co-operative Travel and Midlands Co-operative in October. Media reports now suggest that the company could now close around 200 outlets in the UK.

Thomas Cook UK and Ireland mainstream chief executive Ian Ailles said the company will “focus on what we are good at. The name Thomas Cook is synonymous with being a leisure retailer. We know we are a great retailer.” He said “It’s normal for high street retailers to move or shut shops every year. We are pragmatic about it. Some shops will come up for a break in the lease and that will create a decision point. He added “We are looking at it and we’ll take a decision. Two hundred is not the number in my head, but it might be a number we reach over a couple of years. We will talk about shop plans in the announcement to the City.”

Myers Lister Price company restructuring solicitors will steer you through all areas of the restructure. For example it may be necessary to reduce the number of management positions to increase the number of staff on the front line, or reduce headcount to enable the business to get through tough economic times. Our specialist team will guide you through the challenges you will face and will ensure that your legal obligations are met at every stage of the process.

If you require legal advice or assistance from our company restructure solicitors please contact our Commercial team, at Myers Lister Price Solicitors on 0845 0738 445 or