11,000 jobs in jeopardy
Europe’s third largest travel group FTI insolvent
The German travel giant FTI is insolvent. 11,000 jobs are in jeopardy, tens of thousands of travelers are affected - also in Austria. The group has a branch office in Linz and employs around 70 people there.
On June 3, FTI Touristik GmbH, the parent company of the FTI GROUP, filed for the opening of insolvency proceedings.
The company is currently working hard to ensure that trips that have already started can be completed as planned. Trips that have not yet started will probably no longer or only partially be able to be carried out from Tuesday, June 4, 2024.
Unsatisfactory booking figures
The company's website states: "After a lengthy and complex investor process, the entry of a consortium of investors was announced in April 2024. Since then, however, booking figures have fallen well short of expectations despite the positive news. In addition, numerous suppliers insisted on advance payment. As a result, there was an increased need for liquidity, which could no longer be bridged until the closing of the investor process. The filing for insolvency has therefore become necessary for legal reasons."
In general, "all services booked with the travel provider FTI Touristik GmbH are affected. This includes the FTI brands in Germany, Austria and the Netherlands, the 5vorFlug brand in Germany, BigXtra GmbH and the DriveFTI and Cars and Camper rental vehicle brands. The affected services could be booked in common travel agencies, on online booking platforms (...)."
The ball is in the court of the German Travel Protection Fund
The ball is now in the court of the German Travel Guarantee Fund launched in 2021. In the event of a travel provider's bankruptcy, this fund will take care of reimbursing customers' advance payments, repatriating stranded holidaymakers if necessary and providing them with accommodation until they are repatriated.
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