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Personal Finance > Saving & Spending > Travel
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Club Med closes 15 resorts
graphic November 9, 2001: 8:05 a.m. ET

The vacation company cites 15-20% drop in bookings following Sept. 11.
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  • Club Med
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    NEW YORK (CNNmoney) - The recent weeks have been no holiday for Club Med.

    The Paris-based travel company will close another resort near Tahiti this week, bringing the number of recently-closed resorts to 15 out of its 120 locations, according to Friday's edition of the Wall Street Journal.

    The Sept. 11 attacks and the ensuing 15 percent to 20 percent drop in bookings forced Club Med to close locations in Tunisia, Israel, Egypt, Switzerland, and Australia, the paper reported.

    Click here to check other travel and entertainment stocks

    The company will reopen some resorts in several months, some in a year, and some will remained closed permanently, according to the Journal.

    In a move to lure travelers back to its resorts, Club Med unveiled a $20 million advertising campaign titled "Wanna Play?" which emphasizes skiing and sports, rather than its traditional stance of sensuality, the paper reported.

    The company was struggling before Sept. 11 as the baby boomers it once attracted are married with families and are no longer interested in vacations synonymous with the "three S's" of sun, sea, and sex, according to the Journalgraphic

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