
Originally Posted by
WanChaiMiller
Its not about being good or slack. Its straight forward cash flow (liquidity 😁, and surprised so many dont get it.
J2 were in good shape financially. Virgin were nearly bankrupted and got a £1.2bn bail out loan. Tui got a €1.8bn bailout from the German government. One of the conditions for the Tui loan is they couldnt make refunds until trade is back up and running.
Howdy painted a sob story of hardworking folk losing their hard earned to Virgin and the money going straight in the back pocket of Branson. Complete rubbish. Virgin are cutting 3,500 jobs. This is about trying to protect jobs of ordinary hard working people in the holiday industry.
The Sykes case was interesting. Looks like they changed policy on refunds through consumer pressure. The Competition and Markets Authority say customers should not be left out of pocket yet admit 'holidays could not go ahead due to Government restrictions'. So holiday companies are not at fault yet liable.
My point is that if customers push for refunds it could bankrupt the industry and no one wins.