This is to inform you that another small cruise company has closed in the wake of the fight against the pandemic. Reports have suggested that a small Boston-based cruise company, Vantage Deluxe World Travel, has filed for bankruptcy. On Thursday, Vantage Deluxe World Travel filed for bankruptcy. This news came after the company laid off about 70 employees and halted all its outings. Since this Boston-based cruise company filed for bankruptcy, it has created quite a stir and people have been left concerned as it is the 12th cruise company to shut down since the start of the Covid-19 pandemic. You are requested to stick to this page and you should read it till the end to know more about it. Scroll down the page and learn more about this story.
Cruise line files for bankruptcy
Vantage Deluxe World Travel primarily catered to seniors, laid off nearly all of its 70 onshore workers and halted all its trips before filing for bankruptcy. Bankruptcy documents show the company only retained just 5 employees after laying off nearly 70 onshore workers. The recently closed Boston-based cruise company cited the reason for its downfall as falling revenue since the Covid-19 outbreak. Keep reading this article and find out more information.
The motion that Vantage Deluxe World Travel filed as part of its bankruptcy filing says the company blames declining revenue after Covid-19 began for its downfall. In a motion filed as part of the bankruptcy filing, Vantage Deluxe World Travel said revenue plummeted from $132 million to just $10 million from 2019 to 2010. It shows a decline of more than 92% in just one year, but the company it continued to pay employees and other expenses. Kindly switch to the next section and learn more details about Vantage Deluxe World Travel bankruptcy filing.
The trench created between revenue and costs by Covid-19 led to the loss of $29 million in 2020 alone. In bankruptcy filing documents, Vantage Deluxe World Travel said: “While revenue recovered somewhat in the following years, remained well below pre-pandemic levels, resulting in continued losses despite [our] attempts to downsize operations and reduce costs”, became the 12th small cruise line worldwide to close operations since the Covid outbreak in 2020. However, all major cruise operations they stopped shipping for many months when the pandemic hit the world. But little by little it has returned to normal operation. Stay tuned to this website for more details and further updates.
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Source: vtt.edu.vn