When an Internet company stops sending out those "hey-look-me-over" press
releases, it's almost a sure bet that something is awry, and that seems to be
the case with Lowestfare.com, which has now stopped selling airline tickets.
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A notice posted on the Web site of the discount travel services
provider says: "While Lowestfare.com continues its vacation and cruise
business, we have discontinued our airline ticketing-selling operation as of
May 2..."
A look back over the Las Vegas-based company's media releases indicates the
last one came out in August 2001, when the company, billing itself at the
time as a "full-service provider of discount travel products and services for
leisure and business travelers," signed a partnership deal with Site59.com, which offers last-minute travel
packages.
The good news for customers is that the notice on the site says that "all
airline tickets issued up to this date will be honored."
The travel sector has been one of the stellar performers in the world of
e-commerce, and competition from outfits like Expedia, Travelocity and Orbitz is intense.
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It's obvious there isn't room for everyone, and some fallout has been
expected. Even a company like Priceline.com, which
just reported a
profitable quarter, has seen its stock price punished recently when
revenues weren't high enough to please investors. The reason revenues weren't
high enough: weakness in the air travel sector.
Privately held Lowestfare.com is owned by financier Carl Icahn, former
chairman of TWA, and owner of the airline from 1985 to 1993. Icahn reportedly
had an inside deal for discounted tickets with TWA, but lost the edge when
American Airlines bought the bankrupt TWA a year ago in a half-billion-dollar
deal.
Lowestfare, founded in 1995, owns Jetset Tours, an international airline
ticket consolidator and tour operator, and Maupintour, a luxury escorted tour
provider.
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