External administrator to take over STA Travel.
STA Travel Holding AG, the Swiss-based parent company of student and youth travel company STA Travel across the globe, has announced that it is filing for insolvency.
Despite “decisive measures to secure the business beyond COVID-19” over recent months, sales have not picked up as anticipated due to low consumer confidence, further restrictions and renewed lockdown measures which are expected to largely continue into 2021, the company said.
“In the next few days an external administrator will take over and determine next steps…while the parent company STA Travel Holding AG in Switzerland is affected, local day-to-day operations by STA Travel may continue around the world,” a statement advised.
More information in today’s issue of Travel Daily.