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THE OLYMPIC GAMES DID NO GOOD: A WAVE OF BANKRUPTCIES COVERED HOTELS OF JAPAN

Japan's hospitality business is suffering losses, and experts warn that ruin could threaten the entire hospitality sector. The pandemic has resulted in many hotels being less than 20% full in July. Hoteliers hoped that the Olympics, which were postponed to 2021, would help to increase activity. However, the IOC's decision to hold the competitions without the physical presence of spectators has cast doubt ...

RESTAURANTS AND HOTELS OF SWITZERLAND ARE AT RISK OF BANKRUPTCY

... Swiss employers' association in the hospitality industry, is sounding the alarm by calling on the authorities for immediate support for the industry. According to the experts, the ongoing COVID-19 pandemic creates risks for the mass bankruptcies of most hotels and restaurants in Switzerland by March 2021. If the state refuses to provide urgent financial assistance, half of the hotels and restaurants in the country will face bankruptcy. The situation with the spread of the disease in Switzerland remains ...

The largest tourist service in Turkey has gone bankrupt

TatilCom, which provided the clients with online vacation booking services in Turkey, went bankrupt, leaving the tourism market with a scandal. The service ended up in debt to the Kusadasi hotels, having laid off all the staff members. According to the Turkish online media outlet New Era, citing its own sources, during the pandemic, the company's employees were officially transferred to short-term work, receiving minimal payments. At the ...

FINNISH RESTAURANT OWNERS ARE CONCERNED ABOUT BANKRUPTCIES OF 28% OF COMPANIES

... and more restaurants are on the verge of bankruptcy. It is planned that the turnover of 66% of HoReCa companies will fall by at least half in the period of April-June 2021 compared to the same period in 2019. By October, 3% of companies, including hotels, resorts and restaurants, will be closed. Compared to the polls conducted in early March , the number of companies that are at risk of bankruptcy increased from 24% to 28%. Market participants associate the greatest threats of bankruptcy and liquidation ...

“ALL INCLUSIVE” STANDARD MAY APPEAR IN RUSSIA

Russian authorities are planning to expand and standardize the all inclusive system among domestic hotels. The corresponding instruction has already been received by Rosturizm from the Deputy Prime Minister Dmitry Chernyshenko. According to the officials, such a system is very popular among Russian vacationers, and therefore it should be expanded ...

BOOKING.COM IS ABOUT TO SUE FEDERAL ANTIMONOPOLY SERVICE

... indicate on other websites. In December last year, Booking.com received an order on violation of antitrust laws. The document contained information on the fact of abuse of dominant market position. According to the agency, Booking.com did not allow hotels to indicate lower prices on other websites and Internet services. The revealed violation must be eliminated by February 15, but now the issue of its execution will be resolved by the court. According to the Internet service, the decision of FAS ...

THE LEGENDARY QUEEN MARY HOTEL’S OPERATOR FILES FOR BANKRUPTCY

... hotel and a Long Beach landmark since 1967, filed for bankruptcy protection in the court of US this week. The statement says that Eagle Hospitality liabilities exceeded $ 500 million. It is known that in addition to Queen Mary, the fund operates 26 more hotels. Many experts assess the taken step as a possible start of a wave of bankruptcies in the hospitality industry in the United States. According to American experts, only two companies operating the hotel business have recently filed for bankruptcy....

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