Britain's Thomas Cook said it made an application to enter liquidation and that an order had been granted to appoint an official receiver to liquidate the company.
"It is a matter of profound regret to me and the rest of the board that we were not successful," CEO Peter Fankhauser said, Reuters reported.
It was revealed earlier that the company could fold by Sunday night, leaving thousands stranded unless an extra £200 million of funding can be found.
Thomas Cook's financing requirements have had to be increased several times in recent months due to weak trading, which the company blamed on uncertainty surrounding Brexit.
