By Alistair Smout and Polina Ivanova LONDON (Reuters) - Britain's Monarch Airlines [MONA.UL] collapsed on Monday, causing the cancellation of hundreds of thousands of holidays, after falling victim to intense competition for flights and a weaker pound. The failure of Monarch, the largest British airline to go bust, will affect nearly 900,000 passengers in total. It marooned more than 100,000 tourists abroad, prompting what was billed as the country's biggest peacetime repatriation effort. Its demise added to turbulence in the European airline industry after Air Berlin and Alitalia [CAITLA.UL] filed for insolvency this year. Ryanair has also been forced to cancel thousands of flights because of problems finding enough pilots to fly them. Shares of Monarch rivals, easyJet , Ryanair and Wizz Air rose on Monday on the prospect of reduced competition and the chance to acquire some of its assets. Monarch, based at Luton Airport north of London and in business since 1968, cancelled about 750,000 future bookings and apologised to customers and staff. "I am so sorry that thousands now face a cancelled holiday or trip, possible delays getting home and huge inconvenience as a result of our failure," Monarch Chief Executive Andrew Swaffield said in a message to employees after the company went into administration. "I am truly sorry that it has ended like this." Nearly 90 percent of Monarch's 2,100 employees were laid off on Monday, the joint administrators said. Monarch's finances deteriorated in 2016, after security concerns deterred travel to Tunisia, Turkey and Egypt and brought increased capacity for routes to Iberia. The decline in the value of the pound has also compounded its problems. The airline was bailed out by its owner Greybull Capital a year ago. "Monarch has really been a victim of a price war in the Mediterranean," Transport Secretary Chris Grayling told Sky News. Grayling said he expected many of Monarch's more than 2,000 staff to find jobs elsewhere. "Monarch's problem was it was it was neither one thing nor the other. It was not really ... a package holiday airline, nor was it really a low-cost airline. I think it got rather squeezed in the middle," he added. The British government has asked the Civil Aviation Authority (CAA) to charter more than 30 aircraft to bring home about 110,000 Monarch customers overseas, the CAA said. PAIN FROM THE POUND Staff were seen packing up boxes and hugging each other at Monarch's offices in Luton. Blair Nimmo, partner at KPMG and joint administrator of Monarch, told Reuters that while a drop in income was at the root of the airline's problems, a fall in the pound after Britain voted to leave the European Union had made life tougher. "We're all aware of the exchange rate movement and that the company buys its fuel and handling and pays its traffic and leasing costs in dollars," he said. "So there'd be a very material impact." Monarch has lost market share in recent years with the rise of budget carriers. It was Britain's fifth-largest airline and, according to Euromonitor International, held 1.7 percent of the UK airlines market in 2017, down from 2.6 percent in 2012. The collapse of Monarch could benefit its rivals. "While we wait to see what comes out of the administration process, there is no doubt that the pace of restructuring across Europe will be beneficial to yields as surplus capacity is reduced," Goodbody analysts said in a note to clients. Analysts at broker Cantor Fitzgerald said that it was likely that easyJet would bid for some of Monarch's assets. Goodbody estimates that Monarch also has about 600 pilots. Virgin Atlantic launched a fast-track application scheme specifically targeted at former Monarch First Officers. The collapse will be a headache for some of the world's largest leasing companies, which financed its current fleet of 36 mainly Airbus jets, and for Boeing , which has taken firm orders from Monarch for 32 of its 737 MAX aircraft. In June Monarch announced plans to boost its order to 45 planes, but part of the deal never materialised on Boeing’s published order book. Monarch had been a regular pawn in the global battle for market share between planemakers as it shifted its loyalties between Airbus and Boeing. Boeing secured Monarch's agreement to revert back to its jets in 2014 after a fierce contest against Airbus and Bombardier . "GUTTING" Monarch's last flight landed in Manchester from Tel Aviv at 3:19 am (0219 GMT), according to flight tracking service Flightradar24. The website also showed 25 aircraft had been lined up to start repatriating passengers by 0600 GMT on Monday, including 10 from Qatar Airways already based in Europe on behalf of British Airways. An easyJet plane and several charter aircraft were also part of the operation. Hungarian low-cost carrier Wizz Air said it was offering to fly stranded Monarch passengers home from Tel Aviv for 119 pounds ($159) each. KPMG said that 860,000 passengers would be affected in total. Monarch said its companies that entered into administration include Monarch Airlines, Monarch Holidays Ltd, First Aviation Ltd, Avro Ltd and Somewhere2stay Ltd. While customers are being taken back to Britain, some who were due to travel out from Luton Airport said that communication from the airline had been poor. Christine Brittin, a 46-year-old receptionist, landed in Luton after a weekend in Menorca. She was supposed to head straight on to her next flight for a week in Turkey, but only found out as she got off the plane that her next trip had been cancelled. "They've cancelled all of it, all of my holiday, I just got an email," Brittin said. "It's gutting." (Writing by Alistair Smout in London; Additional reporting by Polina Ivanova in Luton, Subrat Patnaik in Bengaluru, Victoria Bryan in Berlin and Tim Hepher in Paris; Editing by Guy Faulconbridge, Keith Weir and David Goodman)
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting
The 24-year-old head armorer of Alec Baldwin's movie 'Rust' told a podcast she 'almost didn't take' her last job because she wasn't sure if she was 'ready'
Hannah Gutierrez-Reed, 24, told podcast she almost turned down the head armorer job in a recent project due to self-doubt about her experience.
- CBS News
The discovery came after a weeks-long manhunt following the death of Gabby Petito.
Lawyer for Brian Laundrie's family addresses speculation about how easily his dad found his belongings, saying the public 'doesn't understand simplicity'
Brian Laundrie's parents could not have planted his remains or had special knowledge about where they were, the family lawyer said.
Her majesty has a long list of future successors.
- The Daily Beast
Max Mumby/Indigo/GettyNow that it has been revealed—24 hours after the event—that Queen Elizabeth II has spent a night in hospital and was not, as the palace press corps were informed, “resting” at Windsor Castle, there are complaints that, once again, the messaging is bad and making the situation worse. For sure, trying to conceal the hospital visit just raises the question: what else is not being revealed? And, inevitably, it renews speculation about whether the Queen will finally have to give
- Idaho Statesman
With six No. 1 country songs to tap, this concert should be a crowd pleaser.
- LA Times
At least one of the camera operators complained last weekend to production managers about gun safety on the set.
- USA TODAY Sports
Tempers boiled over on the Lakers bench when Anthony Davis and Dwight Howard got into a brief physical altercation during a timeout.
Collin Morikawa has already won two majors in his fledgling pro career, but the 24-year-old American managed a new first at the PGA Tour's Zozo Championship on Saturday.
The "let down" singer shared a pair of photos from Wednesday night's ritual on Instagram, which featured her and four friends posing seminude
Peter Scolari, the prolific television and stage actor who found instant fame and a lifelong friendship with Tom Hanks when the two co-starred in the hit 1980 TV comedy Bosom Buddies, died early Friday morning following a two-year battle with cancer. He was 66. His death was announced by Ellen Lubin Sanitsky at Wright Entertainment. […]
Poulter is preparing to play a Marvel superhero in the upcoming "Guardians of the Galaxy Vol. 3."
From natural-looking coverage to subtle tricks that make the eyes pop, legendary makeup artist Sandy Linter’s guide to age-defying beauty.
- Touchdown Wire
Arch Manning with a long run for a TD in front of Georgia coach Kirby Smart
Road rage bubbled as the track temperature rose in the second practice session for United States Grand Prix on Friday as Max Verstappen called title rival Lewis Hamilton a "stupid idiot".
- Steelers Wire
The penalty occurred in the third quarter of the Steelers Sunday Night Football matchup versus Seattle Seahawks.
- Good Housekeeping
'Jeopardy!' cohost and 'Big Bang Theory' actress Mayim Bialik shared exciting news in her new TikTok with her boyfriend, Jonathan Cohen. See what she had to say and how fans reacted to the milestone.
- The New York Times
NOTTINGHAM, England — Lizzie Wilson was standing in a crowded nightclub Monday night with three friends when she felt a sharp pinch in her back, as if she had been pricked by a needle. Ten minutes later, she was struggling to stand. Wilson, 18, said she had heard about young women being injected with syringes at crowded clubs and immediately feared she was another victim. Her friends rushed her to the hospital, where she spent hours disoriented and without sensation in her legs. “Nobody should e
- Women's Health
Emma Watson wore a crop top that revealed her bra and her toned abs to meet Al Gore. The actress works out with celeb trainer Emily Drew for 30-minute sessions.
- Fox News
Virginia Republican gubernatorial candidate Glenn Youngkin called for the resignations of Loudoun County Superintendent Scott Ziegler and the Loudoun County School Board in the wake of a bombshell email this week. The email showed that Ziegler alerted the board to reports of a male student wearing a skirt allegedly assaulting a female student in a girl's bathroom – about a month before Ziegler publicly declared that he had no record of bathroom assaults.