Bankruptcy Clock is Ticking for Tour Operator Neckermann

The board of the tour operator Neckermann, which runs a chain of travel agents across Belgium, has given itself until 22 February to solve its cash problems or declare bankruptcy, the Brussels Times reported. The deadline is a last-ditch effort to save the company, and the jobs of its 150 employees. In 2019 Neckermann Belgium was saved from the brink of bankruptcy after the collapse of the British parent company Thomas Cook when 62 of the 91 branches were taken over by Spanish tour company Wamos and rebranded as Neckermann. Now Wamos is itself in trouble, in common with the rest of the holiday industry, as a result of the coronavirus pandemic. At the end of the year, Neckermann was about to file for protection from its creditors, when Wamos threw a lifeline, promising €3.5 million. Read more.