Airlines, holidays companies & trains have much in common where profits are largely non-existent unless you are very fleet footed & keep firm control of costs, especially advertising. Most national carriers have had numerous bailouts from their governments where they are seen as prestigious icons for that country & where overall they have never made a profit. The profits they make in the boom times are more than wiped out during recessions.
September to December is always the peak time for holiday companies & travel agents going bust, where they use the forward cash flow where you pay before they incur the travel costs to keep staving off the inevitable but where most holiday companies & travel agents slow down rapidly in September from the summer peak & make losses in their two quietest months of October & November often relying on bank overdraft support, if the banks don't like the look of a poor balance sheet & the risk, they withdraw support, so the company goes bust.