Nordic budget airline Primera Air said that it was ceasing all operations from Tuesday.
"On this sad day we are saying Goodbye to all of you," Primera Air said in a statement on its website. bit.ly/2P2AiZW
Primera Air, which is Icelandic owned but based in Copenhagen, began in 2003 and has served 97 destinations in more than 20 countries.
The airline announced last month that it planned to launch routes from Madrid to New York, Boston and Toronto next year at an introductory price of €149 ($172) each way.
It also announced in September plans for direct long-haul flights from Frankfurt to New York, Boston, Toronto and Montreal from next year.
Britain's Monarch Airlines collapsed exactly a year ago, after falling victim to intense competition for flights and a weaker pound.
Air Berlin, Germany's second-largest airline, filed for bankruptcy protection in August 2017.
($1 = 0.8641 euros) (Reporting by Ismail Shakil in Bengaluru; Editing by Adrian Croft)