A well-established Mongkok travel agency yesterday became the latest victim in the economic downturn when it closed its doors. More than 250 students and teachers on at least seven Christmas tours were among those affected by the 29-year-old firm's sudden closure. Lee Wah Travel informed the Travel Industry Council yesterday of its decision. The seven tours to Taiwan, scheduled between tomorrow and January 14, cost a total of $720,000. The council was trying to find airlines and Taiwanese agents to continue the tours. Lee Wah Travel had only a single office in Mongkok but apparently ran at a loss for over a year. Council executive director Joseph Tung Yao-chung said at least six of the tours would go ahead as planned. However, there could be 'dozens of individual customers' that might lose money. 'If they want to continue their tours, we will try to arrange that,' he said adding that affected customers should call the council's hotline on 2807 1199. He also said that affected clients could get back up to 90 per cent of their money. This would come out of the Government's travel compensation fund. He said he had not heard of other agencies in trouble but said many were barely covering costs as they were charging less.