Youtravel.com cancels week of bookings after parent’s insolvency filing

Trade-only bed bank Youtravel.com has cancelled a week’s worth of bookings as its parent company undergoes insolvency proceedings.

FTI Touristik GmbH, parent company of FTI Group, filed for insolvency in Munich on Monday, June 3.

A spokesperson for Youtravel.com said the brand had decided to cancel seven days of arrivals from June 4 because of the “difficult situation” faced by its destination management companies.

Addressing the insolvency proceedings, the spokesperson said: “It is important to note that, currently, only the tour operator brand FTI Touristik is directly affected by this situation.

“As for Youtravel.com, we are a separate entity and are actively working on determining the future course of action without support of FTI Touristik GmbH.

“We acknowledge that currently this does not offer sufficient clarity to our esteemed partners.

“This is an incredibly challenging time for our colleagues at FTI, and we are committed to working diligently in the days ahead to support all our partners.”

Further updates will be issued soon, the spokesperson said.

Photo: Shutterstock / New Africa

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