Spirit Airlines Layoffs: Budget Carrier Plans To Lay Off Employees, Sell Planes To Reduce Costs and Raise Cash

New Delhi, October 27: Spirit Airlines is reportedly planning to make changes to its operations, which may include layoffs. As per reports, the budget carrier is looking to reduce costs and raise cash by selling planes. Multiple reports indicate that the budget airline has been facing challenges ever since its planned merger with JetBlue was cancelled in March.

Earlier in January, a Federal judge reportedly halted the merger due to anti-competition concerns. As a result, the airline company is said to be working to find ways to overcome these obstacles and improve its situation. Tech Layoffs in October 2024: Meta, Nokia, Intel, Kaspersky and Others Announce Layoffs of Hundreds of Employees This Month Amid Restructuring and Cost Saving.

As per a report of CNBC, Spirit Airlines plans to cut jobs and sell planes amid struggling to recover from a failed acquisition. According to reports, Spirit Airlines has been dealing with increasing financial difficulties. The company plans to cut costs by approximately USD 80 million by reducing its workforce. The airline company reportedly announced its strategy to save money and generate funds by selling 23 of its older Airbus planes. The sale is expected to bring in around USD 519 million.

According to a report of Business Insider, Spirit Airlines is currently in new discussions with its competitor, Frontier Airlines, about the possibility of a merger. The company is looking for ways to strengthen its position in the market. Additionally, Spirit Airways has reportedly announced that it has reached an agreement to sell 23 of its Airbus aircraft to a company called GA Telesis. The firm which focuses on aircraft maintenance, leasing, and selling spare parts. Microsoft Fires Employees for Organising Unauthorised Vigil for Palestinians Killed in Gaza; Check Details.

The airline is reportedly having a tough time getting back to making a profit after the pandemic. It is dealing with changes in what travellers want and has also had to ground many of its aircraft that use Pratt & Whitney engines. Additionally, Spirit Airlines has not yet provided specific details about the number of employees it plans to lay off.

(The above story first appeared on LatestLY on Oct 27, 2024 04:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).