National Holidays and Shearings, two of the UK's biggest coach holiday companies, has gone out of business.
The companies have immediately cancelled all holidays and tours and the breaks will "not be rescheduled" according to parent company Specialist Leisure Group.
The group owned a number of big-name holiday companies such as Caledonian Travel, Bay Hotels, UK Breakaways, This is Shearings and National Holidays, all of them have ceased trading.
Administrators have been appointed and all companies have "ceased to trade" – reports Hull Live.
The company explained that coronavirus was the reason behind the closure while all Wallace Arnold Travel shops have been permanently closed.
Travel trade organisation Abta said more than 64,000 bookings have been cancelled and more than 2,500 jobs lost.
The vast majority of booked trips were coach package holidays which are financially protected, Abta added.
The news was shared in a short statement on National Holiday's Facebook page on Friday afternoon.
It said: "We regret to inform you that we have ceased to trade as administrators have been appointed.
"All tours, cruises, holidays and hotel breaks have been cancelled and will not be rescheduled.
"For further information, including your options for claiming a refund for your cancelled holiday, please visit https://www.specialistleisuregroup.com/."
The news was also announced on the Specialist Leisure Group website.
John de Vial, Abta’s director of membership and financial services, said: "The Specialist Leisure Group included two of the UK’s best known coach holiday brands, Shearings and National Holidays, two much loved holiday companies who for many years have provided holidays both at home and overseas to a very loyal group of customers.
"Today is a very sad day for these customers and the thousands of staff who will have lost their jobs.
"The fact that two such well-known brands with a loyal customer base have had to call in administrators is a stark indication of the pressure that the holiday industry is under as a result of the coronavirus pandemic
"Abta has repeatedly highlighted to the Government the urgency of the situation and the need to set out a coordinated strategy with clearer communication if it wants to help avoid significant job losses and support companies to weather the storm."
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Customers who booked a package holiday that included travel by coach or rail with overnight accommodation will have the payment protected by the Bonded Coach Holidays scheme.
Andrew McConnell, spokesman for Atol, which protects packages including flights, said: “This is a particularly sad day for customers and employees of Shearings Holidays Ltd, a long-standing business and well-known UK travel company.
“The company specialised in coach packages and other types of holiday bookings, however, there are a small number of consumers with flight-inclusive packages, which will be Atol protected.
“For these bookings, we will be contacting consumers directly or via their agent to provide guidance and support.”