Icelandic low-cost carrier WOW Air, which specialized in linking cities in the U.S. with European destinations, has collapsed, adding to a string of airlines overseas that have faltered in recent months amid stiff competition and rising costs.

The carrier, founded in 2011, had been trying to steal business from established airlines such as American Airlines Group Inc. and Delta Air Lines Inc. It targeted the trans-Atlantic market by offering cheap fares while funneling passengers via its Icelandic hub. It said Thursday it had cancelled all flights, stranding thousands of passengers.

WOW Air served such U.S. destinations as New York, Washington, D.C., and Boston. It had previously announced plans to cut flights to Los Angeles and San Francisco.

Excerpt from WSJ

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