Thomas Cook Group, including the UK tour operator, has entered compulsory liquidation as of this morning (September 23) after it failed talks with creditors and the government for supported funds of £200 million needed to keep the company afloat.
The UK Civil Aviation Authority (CAA) said the tour operator had "ceased trading with immediate effect" with all bookings, including flights and holidays now cancelled.
In addition, the CAA has also triggered the biggest ever peacetime repatriation, aimed at bringing more than 150,000 British holidaymakers home. The CAA has reportedly mobilised more than 40 aircraft from airlines including British Airways and EasyJet to bring back customers to the UK.
Peter Fankhauser, Thomas Cook's chief executive, said the tour operator collapse was a "matter of profound regret", apologising to all those affected.
Despite the executives best efforts to save the 178-year old travel company, it was the additional facility requested in the remaining moments of negotiations that presented a challenge that led to the upsetting outcome.
"It is a matter of profound regret to me and the rest of the board that we were not successful,” said Fankhauser.
"I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years."
Thomas Cook recently launched affiliate program with Tradedoubler has been suspended following this morning’s announcement.