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Spirit Airlines offers buyouts to salaried employees to cut costs - TL;DR CNBC

Spirit Airlines offers buyouts to salaried employees to cut costs

Publishing timestamp: 2023-11-29 18:42:28


Summary

Spirit Airlines is offering voluntary exit packages to its salaried employees as a cost-cutting measure due to weak off-peak demand and aircraft groundings caused by a manufacturing issue with Pratt & Whitney engines. The CEO stated that tough decisions are necessary to return to profitability. The airline has already paused pilot and flight attendant training, restricted expense budgets, and made changes to its network. There is also mention of a potential acquisition by JetBlue Airways, which is currently being challenged by the Justice Department.


Sentiment: NEGATIVE

Tickers: JBLUSAVEA

Keywords: breaking news: businesstransportationbusiness newsbusinesstravelspirit airlines incjetblue airways corpairlinesliferaytheon technologies corpaerospace and defense industry

Source: https://www.cnbc.com/2023/11/29/spirit-airlines-offers-buyouts-to-salaried-employees.html


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