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Online Travel Group SinksOctober 1, 2008 By: Travel Agent Central Contributor
Online Travel Group, the e-commerce specialist that operated WorldSki.com, Worldtravellers.com and Cheap4travel.com, has announced that it has gone into administration, losing 500 bookings. Freedom Travel Group has taken over the package-holiday bookings.
"Credit terms had been drastically shortened by key trading partners," said Neil Bennet, the company's adminstrator, in a statement. "We are selling parts of the business where possible. We understand that credit terms had been drastically shortened by key trading partners and this, combined with the credit crunch and general economic downturn, led to a dramatic cutback in consumer spending on all but the essentials.”
Online Travel Group added that most ferry operators are honoring their bookings under agency agreements.