How come a company that is trusted by half a million travelers (at the end of a holiday season) can this easily go bankrupt?.. Is this a case of bad management

How come a company that is trusted by half a million travelers (at the end of a holiday season) can this easily go bankrupt?.. Is this a case of bad management or cheap travel models or what.. cant see any details on when they started seeing issues, and how did they end up like this.. edit: here is how -- Thomas Cook returned to private ownership in 1972 and has seen a series of mergers and takeovers. In 2007, it merged with the UK-listed owner of Airtours, MyTravel Group, which nearly collapsed in 2011 but was bailed out by its banks. The rescue left Thomas Cook with a debt burden of £1.7bn and the company struggled to cope, leaving administration as the only option.