Well-known Canadian tour operator Conquest Vacations on Wednesday announced the shutdown of its business after 37 years in operation.
In a statement published on its website, the Toronto-based company cited several factors for the decision.
"Unfortunately, this has been a result of overcapacity and price [wars] among the major tour operators, unrealistic and unreasonable demands by the credit card processing companies, credit squeeze and economic turmoil in recent months making it impossible for companies like Conquest to continue in business even after weathering many storms over the past 37 years," the company said.
In business since 1972, Conquest served destinations in Canada, the United States, the Caribbean, Mexico and Europe.
David McCaig, president of the Association of Canadian Agencies, called it "a very sad day for a very reputable company."
Source: Xinhua
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