Apparently some company called Farepak has gone bust. It looks like a dodgy scheme whereby people give money to this company every month and then get some vouchers at the end of the year, the aim being to spread the cost of their otherwise-unaffordable cheap and tacky christmas splurge across the whole year. According to unnamed MPs quoted by the BBC, Farepak's failure is a "national tragedy and emergency".
The only thing that's "tragic" here is that these people were stupid enough to invest their savings in a shady scheme with no guarantees instead of putting their money into a proper savings account. If they had done the latter and their bank had gone bust (which is pretty fucking unlikely) then they would have been protected by the Financial Services Compensation Scheme.