All Things Travel: TNT Vacations Sold

BOSTON (CBS) - TNT Vacations, part of Boston's Trans National Group, has been sold to Funjet Vacations of Milwaukee, a division of the Mark Travel Corporation.

Terms of the sale were not announced. Calls to TNT Chairman Steve Belkin for comment were not returned.

TNT has shut down its headquarters in Boston's Fenway district and laid off about 20 employees.

TNT has been in the travel business for over 35 years and built it's business through groups and charter flights to Bermuda, the Caribbean and Mexico.

The business shifted in recent years as people preferred shorter vacations on scheduled airlines.

The fact that low cost carriers like JetBlue and Southwest Airlines offer their own air and hotel packages available on the Internet hurt TNT's product.

It is estimated that TNT sold about half of its vacation packages directly to consumers and half through travel agents.

TNT was unable to develop a summer product to Europe or expand beyond New England.

The Belkin family is known for their charity work with children. In business for over 35 years, TNT took its entire company on trips in important anniversary years.

The Trans National Group will continue to be involved in real estate development and other businesses in Boston.

The TNT Vacations name will remain as a brand to be sold by Funjet Vacations.

Bob Weiss reports on business travel on Mondays at 5:55 a.m. on WBZ NewsRadio 1030.