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German tour giant TUI profits from FTI bankrupcy
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German tour giant TUI profits from FTI bankrupcy
Jun 20, 2024 3:39 AM

FRANKFURT, June 20 (Reuters) - Europe's largest tour

operator TUI has expanded its offering and seen a

rise in bookings after competitor FTI ( FCN ) went bankrupt, TUI

Germany, one of the company's biggest branches said on Thursday.

TUI added some 300,000 additional spots for the current

season after "changes in the German travel market", TUI said,

referring to the FTI ( FCN ) insolvency.

Sinking bookings, as well as early advance payment requests

drove Europe's third-largest tour firm FTI ( FCN ) to file for

bankruptcy in early June, as a last-minute buyout attempt failed

and the government refused to rescue the company.

TUI's shares rose 2% after the FTI ( FCN ) bankruptcy announcement

on June 3.

FTI ( FCN ) had to either cancel or complete thousands of trips

starting from June 4, prompting holidaymakers to turn to

last-minute offers from TUI.

Spanish island Mallorca remains a number one choice for

German tourists, TUI said, followed by Turkish resort Antalya

and the Greek islands of Crete, Rhodes, and Kos.

TUI has also extended the summer season to late November,

especially in the Mediterranean region, as it anticipates higher

bookings as tourists seek to take advantage of still-warm

temperatures, but fewer crowds.

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