Charlottesville-based WorldStrides Files for Chapter 11

The spread of Covid-19 “decimated” the business, the company said

Back in March, Worldstides, the educational travel company headquartered in Charlottesville, began postponing trips. Today, according to Bloomberg news, "Educational travel company WorldStrides Holdings filed for Chapter 11 bankruptcy on Tuesday with plans to sell the company back to its current owners. The spread of Covid-19 “decimated” the business, the company said. Just three years ago, French private equity firm Eurazeo SE and China's Primavera Capital acquired the company through a 2017 leveraged buyout.

According to United Nations Conference on Global Tourism, the global travel industry could lose $1.2 trillion due to the due to the coronavirus pandemic.

In a press release put out today, Worldstrides put a more positive spin on things.

CHARLOTTESVILLE, Virginia – July 21, 2020 – Lakeland Tours, LLC, d/b/a WorldStrides (“WorldStrides”) today announced that it has agreed to a comprehensive recapitalization with its principal shareholders and certain lenders. This agreement is expe…