This weekend alone, some 300 students and tourists will have to scrap their holiday plans.
Shocked customers who visited the tour agency’s Chinatown office were greeted with a note advising them to make travel insurance claims, or file claims at the Small Claims Tribunal.
Customers whose passports are still with the company were told to contact an agent in charge of processing visa applications.
Asia-Euro Holidays says the company had to close as it made losses of about S$2 million in property investments.
The company says it had bought 14 properties in Singapore, Malaysia and Thailand 5 years ago, but cooling measures introduced 3 years ago hit the company badly.
The company said it could not make profits, and had to resort to borrowing money to stay afloat.
Staff of Asia-Euro Holidays have rallied around their boss, even though they’re owed wages.
They say he’s a nice man who in the past, would help employees who were facing financial difficulties.
Some mentioned that even during the SARS outbreak in 2004, they still received their salaries even though business was badly hit.