Thomas Cook collapsed Monday, leaving hundreds of thousands of people stranded around the globe, Deutsche Welle reports.
The UK's Civil Aviation Authority (CAA) said the world's oldest travel agency had now ceased trading after 178 years in business, as frantic efforts began to repatriate holidaymakers.
In a statement, Thomas Cook said it was unable to reach an agreement between its stakeholders and proposed money providers, adding that "it had no choice but to take steps to enter into compulsory liquidation with immediate effect."
The travel agency said that due to the scale of the situation, "some disruption is inevitable" but that the Civil Aviation Authority "will endeavor to get people home as close as possible to their planned dates."
"Thomas Cook has ceased trading so all Thomas Cook flights are now canceled," the travel company confirmed.