THE WORLD'S oldest tour operator is looking for a place in the shade. Since September, when it announced the first of two consecutive profit warnings, Thomas Cook's share price has fallen by nearly two-thirds. The British company, which sells flights, hotel rooms and tours to 20m holiday-makers, is saddled with £1.4bn ($1.8bn) in debt, three times its market value, ihs Markit, a data provider, estimates that 8% of its stock has been borrowed—typically a signal that short-sellers are circling.
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