Destination management and events company, Pacific World, this week announced it will cease operations globally in November 2020.
In a statement, Pacific World said the coronavirus is "continuing to cause unprecedented disruptions in the travel and tourism industry" and as result parent company, TUI Destination Experiences is "moving to a digitalisation strategy and decided to stop participating in the meetings and events market".
The announcement follows an August 25 letter shared with partners that detailed the closure of Pacific World Hong Kong in September, and alluded to a company-wide shutdown.
Following this week's confirmation, regional headquarters in Singapore and Barcelona will cease operations next month. As a dominant industry player in Asia, Pacific World also had a presence in China, Thailand, Vietnam and the Philippines.
In the closure statement, Pacific World credited its success to its people and "strong family values".
"Trust, passion, and excellence are at the heart of the culture that has brought the brand to great heights over the years. Pacific World has been dedicated to delivering over 40,000 exceptional event experiences in the past 10 years in over 100 destinations around the world.
"The creativity, professionalism and inclusive culture of our team brought the customer experience to the next level. These talented teams are not only savvy event strategists; their skills make them incredible business entrepreneurs," the company said.
Despite the challenging circumstances, the statement ended on a positive note: "We believe the industry will recover in the future, and our passion and legacy of innovation will create future solutions for our customers."