United Kingdom
United States
Asia Pacific
US travel firm Far&Wide collapses
Big-name US tour operator Far&Wide has gone bust, saying it was a casualty of the “unprecedented calamity” that has hit the world’s travel industry.
Far&Wide is the parent company of 20 well known travel companies. At least ten of these are now trying to buy back ownership so that they can continue to operate. These include Swain Australia Tours, African Travel, Pacific Bestours, Adventure Center, Lion World Tours, Intercontinental Travel Co, IST Cultural Tours, Journeys Unlimited, Regina Tours and High Country Passage.
The company blamed its collapse on the aftermath of the 9/11 terrorist attacks, the build up to and war with Iraq, the SARS epidemic and economic downturn. It said together these problems had “drastically reduced international leisure travel and turned upside down previously predictable and reliable booking and travel patterns.”
It said these factors had made it unable to survive a “sudden and recent unexpected liquidity crunch” – which was ironic given now that the market seemed finally to be improving.
The company recorded sales revenues of $350 million in 2000 and predicted that sales this year would have been half that amount – around $175million.
Related News Stories:
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled