FTI, the third largest tour operator in Europe, files for bankruptcy
FTI Touristik, the parent company of FTI Group and the third-largest tour operator in Europe, has filed for bankruptcy. This announcement was made earlier today (Monday) via an official statement, after filing was submitted to the Munich District Court.
Initially, only the FTI Touristik brand will be directly impacted by this insolvency procedure, however, applications for other companies within the group are expected to follow. Despite these developments, Windrose Finest Travel, which operates under the luxury brand Windrose, will continue its operations without interruption.
Several independent entities, such as Euvia and its travel shopping channel sonnenklar.TV, along with the franchise system of Touristik Vertriebsgesellschaft that includes the brands sonnenklar.TV Reisebüros, 5vorFlug Reisebüros, and Flugbörse, are not part of the FTI Group and remain unaffected.
In April, a consortium led by Certares committed to a €1.25 billion investment in the company. Despite this, reservation numbers have fallen significantly short of expectations. Additionally, many suppliers have demanded advance payments, exacerbating the company's liquidity issues. This financial strain could not be mitigated, necessitating the legal move to declare insolvency.
To support its customers, FTI Group has established a helpline and a dedicated website with frequently asked questions to provide direct assistance and information.
FTI Group is a major player in the tourism industry, employing 11,000 people worldwide and operating over 50 hotels. The company serves six source markets—Germany, France, Austria, Switzerland, the United Kingdom, and the Netherlands—and offers travel services to 120 countries. FTI Group also commands a 15% market share in Germany.
