German tour operator FTI has announced that it is canceling all its trips. Initially, the information referred to reservations made until July 5, but later it became clear that nearly 175,000 German tourists who purchased vacations will not be able to realize them.
The news is yet another proof of the dire state in which Europe's largest economy finds itself. Apparently, Summer `24 will be quite difficult.
FTI hoped to be able to provide vacations for these customers in cooperation with other travel agencies, but competitors did not want to take over the realization of the trips and preferred to offer their products directly to FTI customers.
Carrying out trips organized by FTI turns out to be impossible, as some of the companies serving clients of the travel agency cease to exist.
Many hoteliers stated that they did not feel obligated to fulfill contracts with FTI companies. In addition, the dynamic changes in the market and the current competitive situation made it impossible to carry out the planned trips.
FTI's bankruptcy is also a serious blow to partners in tourist destinations.