One of the world’s oldest travel firms, Thomas Cook Group, has entered compulsory liquidation effective immediately. With all flights and tours cancelled, the collapse will affect hundreds of thousands travelers around the world.

It is estimated that at least 600,000 people all across the globe will be affected, forcing governments to coordinate with insurance companies and other airlines to help their citizens return home.

All Thomas Cook bookings, including flights and holidays, have now been cancelled.

The UK’s civil aviation watchdog has pledged to help 150,000 Brits currently abroad, but the fate of the remaining customers is still unclear. Foreign Secretary Dominic Raab reassured British travelers that “in the worst-case scenario, the contingency planning is there to avoid people being stranded.”

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“I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Chief Executive Peter Fankhauser said in a statement released early Monday morning.

#BREAKING#ThomasCook has collapsed after last-minute negotiations aimed at saving the holiday firm failed. It puts 22,000 jobs at risk worldwide, including 9,000 in the UK. It also leaves 600,000 Thomas Cook customers stranded on trips abroad, including 150,000 from the #UK . — Bénédicte Paviot (@BenedictePaviot) September 23, 2019

Overburdened by a crippling $2.1 billion debt, one of the oldest and largest travel companies in the world entered compulsory liquidation after last-ditch efforts to negotiate restructuring failed.

The company has a history dating back to 1841. It had nearly 22,000 employees serving 19 million customers per year, running hotels, flights and cruises across 16 countries.

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