Reported 11 months ago
Spirit Airlines is planning to reduce its workforce and sell 23 planes to cut costs as it faces significant financial challenges. The budget carrier identified approximately $80 million in cost-saving measures, with layoffs expected but not detailed. The sale of the aircraft to GA Telesis for $519 million is aimed at improving liquidity amid over $2.5 billion in losses since 2020 and growing debt. Spirit's stock saw a rise recently, but it remains down over 80% from last year, with bankruptcy speculation hovering over the airline.
Source: YAHOO