Thomas Cook's Collapse Is Felt From Crete to the Canaries
- Greece, Spain, Turkey brace for pain from company’s demise
- Tourism businesses worry about cancelations and unpaid bills
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Nikos Chalkiadakis says Thomas Cook Group Plc’s collapse has left Crete, Greece’s largest island, with a 100 million-euro ($110 million) headache.
The 54-year-old chief executive officer of Cactus Hotels in Herakleion, the capital of Crete, and the head of its hotel owners’ association said that’s what the U.K. company owes him and his fellow hoteliers. Fielding endless phone calls from the lobby of his beach-front lodging, Chalkiadakis said 80% of the city’s 600 hotels had contracts with Thomas Cook and many are working on plans to see them through disruptions, cancellations and other costs.