Spirit Airlines is preparing to furlough 270 pilots this fall.
The furloughs will go into effect on November 1, the budget-friendly airline said on Monday. An additional 140 pilots will be demoted on October 1, as the cash-strapped carrier looks to scale down its workforce to match a downsized schedule.
“We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability,” the airline said in a statement to FOX Business.
The announcement regarding the Florida-based company was first reported by Bloomberg News. Spirit Airlines filed for bankruptcy protection last November, following years of losses, heavy debt and failed merger attempts. It emerged from bankruptcy in March.
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“Spirit continues to shrink, and with it, the value of pilot seniority and Spirit careers continues to erode,” Capt. Ryan Muller, chairman of the Spirit unit of the Air Line Pilots Association, said, according to Reuters.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FLYY | SPIRIT AVIATION HOLDINGS INC | 4.48 | -0.11 | -2.40% |
Muller said this will be the third round of pilot furloughs and downgrades for the airline since September last year.
The union said it is working on a third Furlough Mitigation Memorandum of Understanding to pursue voluntary options to reduce the scope of the furloughs and preserve pilot careers, Reuters reported.
“We recognize the weight of this decision and are committed to treating all affected Team Members with compassion and respect during this process,” the Spirit Airlines statement concluded.
Reuters contributed to this report.
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