Q3 Corporate Bankruptcies: What About the Tourism and Travel Sector?


Défaillances d'entreprises au 3e trimestre : quid du secteur du tourisme et du voyage ? - Photo IA Chat GPT

Attitude Hotels


Corporate insolvencies stabilized in France in the third quarter of 2026. According to the Altares study, 14,652 procedures were opened between July and September, representing a year-over-year rise of just 0.5%. Across a twelve-month period, however, nearly 72,000 businesses defaulted, a record-high level.

The accommodation sector is among the weakest links. Insolvencies there rise by more than 30%, with hotel insolvencies up by 28%. Short-term tourist accommodation accounts for 32 procedures, i.e., twice as many as a year earlier. The restaurant industry also deteriorated, with 1,694 insolvencies, up by almost 10%. Fast-food establishments grow by 15.8%, versus 6.3% for traditional dining.

In the travel sector, 28 insolvencies were recorded in Q3 2026, up from 24 a year earlier (+16.7%). Travel agencies remained stable with 13 procedures, while tour operators increased from 5 to 7 insolvencies. Booking services and related activities rose from 6 to 8 procedures.

See infographic

In the realm of passenger transportation, the trend is upward: 208 insolvencies were recorded in Q3, versus 181 in the corresponding period of 2025, a rise of 14.9%. Taxis account for 197 procedures, up from 168 a year earlier (+17.3%). Regular passenger road transport and other road passenger transport remain stable.


Direct judicial liquidations decline slightly (-1.2%)

Developments remain mixed across other sectors. Construction, the leading sector by insolvencies with 3,452 procedures, records a 3.1% decrease. Manufacturing industry also improves (-11.8%), as do transport and logistics (-1.6%).

Business services retreat by 1.7%. Conversely, difficulties persist in the food trade (+15.3%) and beverage outlets (+13.4%). Agriculture continues its decline, with a 3.9% rise in insolvencies.

Commerce related to personal care is also in the red (+11%), spanning from pharmacies to optics and orthopedic goods. The same goes for bookstores (+10%), sporting goods stores (+16%), and hardware stores (+18%).

On an economy-wide scale, direct insolvencies declined slightly (-1.2%), while judicial reorganizations increased by 4.2%. Enterprises with fewer than three employees accounted for 75% of procedures, with 10,960 defaults, up 2.9%.

For Thierry Millon, head of Altares’ studies, “the surge in insolvencies seems to have passed, but corporate financial fragility remains.” The study also identifies 50,510 threatened jobs in the third quarter, a figure down by nearly 3% year over year.


Altares · Corporate Insolvencies
Insolvencies in the Travel & Passenger Transport Sector
Safeguard openings, restructurings and direct liquidations · Q3 2026
Q3 2026
vs Q3 2025

National context
Altares study — October 13, 2026
14,652 insolvencies in Q3 2026 (all sectors combined) (+0.5%)
With 14,652 procedures opened between July 1 and September 30, the third quarter marks a stabilization at a historically high level. September alone sets a record with 7,100 insolvencies. Over a rolling 12 months, nearly 72,000 companies defaulted. The number of threatened jobs fell by 3% year on year to 50,010 employees. “The peak of insolvencies may be behind us, but the fragility of companies’ finances remains,” summarizes Thierry Millon, head of Altares’ studies.
14 652
Q3 procedures

52 700
in 9 months

50 010
threatened jobs (−3%)

72 000
over 12 rolling months

Key figures · Q3 2026 – Travel & Transports

Travel Sector
28
insolvencies
▲ +16,7 % vs Q3 2025

Travel Transports
208
insolvencies
▲ +14,9 % vs Q3 2025

Combined total
236
insolvencies
▲ +15,1 % vs T3 2025



Focus
Travel Sector
28 insolvencies in Q3 2026

Travel agencies
7911Z

13
= 0,0 %

vs Q3 2025 · Q3 2024

Q3 22Q3 23Q3 24Q3 25Q3 26

Tour operators
7912Z

7
▲ +40,0 %

vs Q3 2025 · Q3 2024

Q3 22Q3 23Q3 24Q3 25Q3 26

Booking services
7990Z

8
▲ +33,3 %

vs 6 in Q3 2025 · 6 in Q3 2024

Q3 22Q3 23Q3 24Q3 25Q3 26

Travel Sector — Annual Insolvencies History
Travel Agencies + Tour Operators + Booking Services
96
93
97
94
72
90
103
120
104
2017
2018
2019
2020
2021
2022
2023
2024
2025

Analysis : After a peak of 120 insolvencies in 2024, the travel sector fell back to 104 in 2025 (−13.3%). In Q3 2026, it records 28 insolvencies, up from 24 in Q3 2025 (+16.7%). The rise is driven by tour operators (7 vs 5) and booking services (8 vs 6), while travel agencies remained stable at 13. Over the first nine months of 2026, the sector totals 84 insolvencies, vs 82 over the same period in 2025 (+2.4%).



Distribution of the 28 Travel insolvencies · Q3 2026
Agencies 46.4%
Tour operators 25.0%
Booking services 28.6%

Travel agencies (13)
Tour operators (7)
Booking services (8)



Transport
Passenger transport
208 insolvencies in Q3 2026

⚠
Taxis & VTC — Sector under intense pressure
4932Z
197
insolvencies in Q3 2026
▲ +17,3 %

Taxis and VTC account for 94.7% of passenger transport sector insolvencies. The rise has been ongoing since 2021 (305 → 857 in the 2025 annual figure). In Q3 2026, the sector shows 197 insolvencies, up from 168 in Q3 2025, after 281 in Q1 and 254 in Q2 2026.
319
515
571
339
305
395
470
648
857
2017
2018
2019
2020
2021
2022
2023
2024
2025

Other transport sub-sectors · Q3 2026
Sub-sector
Q3 2025
Q3 2026
Evolution

Maritime transports
1
4
+300 %

Inland waterways
0
0
—

Air transports
3
1
−66.7 %

Regular road transport
3
3
= 0 %

Other road transport
7
7
= 0 %



Summary
Annual comparative evolution
Travel Sector
Annual insolvencies 2017–2025
2017
96
2018
93
2019
97
2020
94
2021
72
2022
90
2023
103
2024
120
2025
104

Total Passenger Transports
Annual insolvencies 2017–2025
2017
453
2018
650
2019
669
2020
413
2021
341
2022
454
2023
543
2024
726
2025
925

Source : Altares — Insolvency statistics
Safeguard openings, restructurings and direct liquidations · Q3 2026
NAF codes: 7911Z, 7912Z, 7990Z (Travel) · 5010Z, 5030Z, 5110Z, 4932Z, 4939A, 4939B (Passenger Transports)

Amara Nambinga

Amara Nambinga

I write about tourism, culture, and emerging destinations with a Namibian perspective. Through my articles, I try to highlight the places, people, and travel stories that show how Africa and the wider world are changing.