STA Travel is the latest tourism business to fall victim to Covid-19.
The travel agent, which specialises in trips for students and young people, is in the hands of administrators.
The travel company once had 70 stores across Australia, but this year reduced shops to just 27.
STA originally stood for Student Travel Australia; the firm was started by two Aussie backpackers in the 1970s and spread around the world.
The administration will likely affect travellers who are waiting for refunds on cancellations because of the pandemic.
The firm's parent company, based in Switzerland, said in a statement COVID19 had "brought the travel industry to a standstill".
"Sales have not picked up as anticipated, due to consumer uncertainties, further restrictions and renewed lock-down measures, which are expected to largely continue into 2021.
"As a consequence, STA Travel Holding AG, is filing for insolvency," it said.
The firm's Australian website says it is down for maintenance.
The British site has a statement saying: "To our valued customers. Due to the recent announcement that STA Travel UK has ceased trading, unfortunately our travel experts are unable to assist you at this time.
https://www.instagram.com/p/B9rXcvGFwKP/?utm_source=ig_embed&"Please be assured that if you had a previous booking with us, or hold a live booking, you will receive further communication in the coming days.
"We are sorry for the inconvenience and the limited information available to you at this time."
Advice for Australian customers who are owed money is to email administrator, Deloitte, at statravel@deloitte.com.au.
Earlier this year the ACCC said the Federal Court ordered the firm to pay $14 million in penalties for making false or misleading claims when advertising its MultiFLEX Pass product.
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