Wow Air, a low-cost airline carrier based out of Iceland, abruptly ceased all operations Thursday.
The airline's decision, announced in a statement on its website, led to thousands of passengers being stranded across the world. Wow Air said those people will need to book flights on other airlines to reach their destination.
Wow Air began flying in 2012, and quickly became known for its ultra-cheap flights between Europe and the U.S.
But Wow Air's been struggling financially for a while. Icelandair Group was in talks to acquire the airline last year, but that deal fell apart. And similar negotiations with a U.S. private equity firm also didn't pan out.
Bloomberg reports Wow Air is now the eighth European airline to have gone under since last summer.
Additional reporting from Newsy affiliate CNN.