Struggling U.S. discount carrier Spirit Airlines (FLYYQ) says it will cut more flights and jobs in coming months as it tries to stabilize its operations.
Spirit’s management team said the carrier will reduce its schedule this November and layoff more employees as it seeks to reduce costs weeks after filing for bankruptcy for the second time in less than a year.
Specifically, the airline plans to reduce its capacity by 25% in November as it looks to “focus on our strongest markets.”
At the same time, Spirit Airlines has forewarned employees that there will be more job cuts in coming months, though an exact number has not yet been announced.
Earlier this year, the airline furloughed hundreds of its pilots and encouraged flights attendants to take voluntary unpaid leaves of absence.
The company known for its distinctive yellow airplanes emerged from its first bankruptcy in March of this year only to file for protection from its creditors a second time this summer.
Management has said previously that they are in negotiations with vendors and aircraft lessors and evaluating the fleet size as they try to shrink in size.
Spirit Airlines has been hurt by high costs, shifting travel preferences, and increased competition. The carrier was left reeling after an attempted acquisition by JetBlue Airways (JBLU) failed.
Spirit Airlines recently reported that it has lost $257 million U.S. since emerging from bankruptcy in mid-March of this year.
The stock of Spirit Airlines is down 96% this year and trading at $0.35 U.S. per share.
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