About 2,500 jobs were lost and 64,000 reservations were canceled with the collapse in the administration of Specialist Leisure Group.
Travel trade organization Abta said the coronavirus pandemic caused a “significant impact” to the hotel and travel company.
The Wigan-based company has been specializing in breaks and events for over 50 years.
He struggled to provide thousands of refunds for canceled travel, Abta said.
He added that the vast majority of canceled reservations were tour packages, which are financially protected. Customers with these reservations will receive a full refund, said Abta.
The Specialist Leisure Group included well-known brands of the Shearings and National Holidays coach holidays.
He also managed hotel businesses such as Bay Hotels, Coast and Country Hotels and Country Living Hotels.
The company stated on its website that all tours, cruises, vacations and hotel breaks had been canceled and would not be rescheduled, and blamed the impact of the coronavirus pandemic.
John de Vial, Abta’s director of financial and membership services, said: “Today is a very sad day for these customers and the thousands of employees who will have lost their jobs.
“The fact that two well-known brands with loyal customers had to turn to administrators is a clear indication of the pressure exerted by the holiday industry due to the coronavirus pandemic.
“Abta has repeatedly stressed to the government the urgency of the situation and the need to define a coordinated strategy with clearer communication if it wants to help avoid significant job losses and help companies overcome the storm.”
Atol, the government-run financial protection system, said it would contact the small number of customers with packages that included flights, which would be protected.
Atol spokesman Andrew McConnell said: “This is a particularly sad day for customers and employees of Shearings Holidays Ltd, a longtime company and well-known UK travel company.”