Slovak travel company Solvex has declared itself financially insolvent after exhausting every option to keep the business running.
According to the company, the decision came after a long struggle to keep the situation under control. “Despite our utmost efforts, financial investments and negotiations with partners, we were unable to reverse the unfavourable course of events,” Solvex said in an official statement.
Notably, just a week earlier the tour operator was still offering clients discounted “ultra last minute” packages. The company cites several factors behind its collapse: rising fuel and travel service costs driven by geopolitical tensions, prolonged market pressure toward lower prices, and the bankruptcy…