British travel giant Thomas Cook, which owns Ving, is being declared bankrupt, the company announced in a press release.

Hundreds of thousands of travelers are now at risk of being stranded around the world.

Thomas Cook says it has failed to convince its owners to resolve the difficult financial situation it has found itself in – despite ”great efforts”. Therefore, the board sees itself as having no other choice but to immediately file for bankruptcy.

”"It is a matter of deep regret for me and the rest of the board that we have not succeeded. I would like to apologize to our several million customers and thousands of employees, suppliers and partners who have supported us for many years," CEO Peter Fankhauser said in the statement.

”This is a deeply sad day for the company that pioneered package holidays and made travel possible for millions of people around the world,” he continues.

The British aviation authority CAA is now working to bring home over 150,000 British travelers over the next two weeks, Reuters reports.

Thomas Cook-owned tour operator Ving announces that their customers are protected by the travel guarantee, which means that they are compensated for, for example, home transport.

Ving's press officer Anna Hagberg stated to Di over the weekend that around 20,000 Swedish travelers are currently at the company's destinations.

The problems for Thomas Cook are believed to have stemmed from the uncertainty surrounding Brexit, which has caused Britons to delay holiday bookings, while competition among travel companies has increased.

Thomas Cook was founded in the UK in 1841, arranging train travel. After World War II, it began offering package holidays to Europe. The company has 22,000 employees worldwide, 9,000 in the UK, and 3,000 hotels worldwide are affiliated with the company.

Source: TT