All 555 Thomas Cook shops are to be bought by rival Hays Travel in a move that could save up to 2,500 jobs.
The independent travel agent said the move gives it shops in areas where it had little or no presence, including Scotland and Wales.
John Hays, who set up the Sunderland-based firm 40 years ago, said he hoped the shops would reopen within days.
It had been an emotional day, he said, with many staff crying when they were told their jobs were saved.
He said it was difficult to give cast-iron guarantees about every Thomas Cook shop, because there would now be talks with individual landlords.
However, "it is certainly our intention to take on all the staff; to welcome them back," he added. The shops will be branded under the Hays name.
