The Eindhoven travel company Vacansoleil has been declared bankrupt by the court. Last Tuesday, the company applied for a moratorium. According to Vacansoleil, employees are looking at solutions for customers who are currently on vacation or still going.
“For most Vacansoleil customers the bankruptcy means that they can claim compensation from the SGR (Stichting Garantiefonds Reisgelden),” the company announced. That foundation compensates customers of travel organizations in case of bankruptcy.
The company has about three hundred employees. It also has nearly 1,300 seasonal workers who worked at the campsites between March and October. It is still unclear what the exact consequences are going to be for the staff.
The travel company previously revealed that it was under severe pressure in the past period. Vacansoleil had accumulated a large amount of debt. After the outbreak of the coronavirus pandemic, sales of camping vacations collapsed and the company needed additional financing. With rising interest rates and high inflation, the mountain of debt had become unsustainable.
Vacansoleil still tried to reduce debts, cut costs, and increase sales, but without success. Negotiations with a potential buyer were also unsuccessful.
They have appointed two receivers. They informed that they are looking at a possible restart. “We notice that there is a lot of interest in the company and the market it serves,” reports trustee Lodewijk Hox. “In addition to paying attention to the employees and customers, we are focusing our attention on a possible relaunch. Without forgetting the interests of the creditors, because they too deserve our attention.”
Translation by: Chaitali Sengupta