Holiday company Thomas Cook has collapsed and gone into 'compulsory liquidation' after it failed to find enough money to keep it going.
The decision means all flights and arrangements that people have made have now been cancelled.
Peter Fankhauser, Chief Executive of Thomas Cookreleased a statement, saying: "We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook's future for its employees, customers and suppliers.
"Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable.
"It is a matter of profound regret to me and the rest of the board that we were not successful. I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years.
"Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel.
"Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder's spirit of innovation.
"This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world."
The UK government and the Civil Aviation Authority has launched Operation Matterhorn to bring holidaymakers home from their trip.
It will be Britain's largest ever peacetime repatriation.Featured Image Credit: PA