Skift Take
Overseas students bring in the cash, but specialist agencies are still exposed as the pandemic starts to bite.
Educational travel has largely kept under the radar since the pandemic began, but recently made the headlines after one of the largest specialist agencies in the U.S. filed for bankruptcy.
Lakeland Tours LLC, parent company of WorldStrides, filed a Chapter 11 petition last month. WorldStrides operates educational trips for 550,000 students annually, partnering with 7,000 schools and 800 universities around the world.
But with those institutions closed and the majority of field trips and other types of travel canceled, the company had to issue refunds. It has now agreed to a recapitalization plan with shareholders and lenders.
A spokesperson told Skift: “This recapitalization is a positive development for us overall as it helps to reduce our debt and provide significant new financing.”
What Exactly Is Educational Travel?
It's a niche but multifaceted sector. Travel can take the form of exchanges, with pupils studying in another country, or field trips. There's also academic travel, such as teachers attending conferences or professors carrying out research projects.
In WorldStrides' case, it also offers language immersion, sports travel and career explorati
