英伦广角 2013-03-09 英国最大旅行社Thomas Cook拟裁员2500人

 They did that restruction in 2012.They have brought themselves 3 to complete that restruction at which point they are going have to refinance.I think whether or not that will be succesful depends on another thing,whether or not they can make the cuts they need to make,but also what the market is going to be like in 2015,where we don't really have any certainty that the liquidity¹ in the debt market will overturn by then to allow them to do a refinancing.

More shop closures at a time when the high streets start looking very empty.

Indeed,but not really a massive surprise.And clearly they are trying to change the way they do business to put as much of it online because of the costs,implications of doing so.Having high-street stores is expensive.It's not merely a case of having to pay the rent,but you've also got to pay the rates in other cost-associates with having a high-street presence.And in reality,the question must be do they need to have a high-street presence.

You would forgive a view of from scratching his head here,looking at this and say it wasn't so long ago that Thomas Cook,an incorporate group merge² the travel agent operation,now the Thomas Cook is in the process of furiously closing strores.I mean that deal not so long ago looks like a piece of * cake.

They are two different things,of course.Cause one of that having market share in an economy of scale,but that doesn't mean you have to retain a high-street presence to keep their ecnomy of scale in reality.Their economy scale are all on the back of his anyway.

But,nonetheless,they * commiting themselves and taking on 300 odd high-street stores,stores which presumably they knew they weren't going to need or...

I mean,obviously their business is likely to have suffered some setbacks and maybe they underestimate the market on the competition from online as well as opportunities not meant to be predicted,for example the A Spring which is clearly having an effect on their business.

1 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

2 merge   

v.(使)结合，(使)合并，(使)合为一体

参考例句：

• I can merge my two small businesses into a large one.我可以将我的两家小商店合并为一家大商行。
• The directors have decided to merge the two small firms together.董事们已决定把这两家小商号归并起来。