Investing.com - Financial Markets Worldwide
💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Virgin Atlantic cuts winter flights, up to 600 jobs

Published 07/01/2009, 05:11 PM
Updated 07/01/2009, 05:16 PM

LONDON, July 1 (Reuters) - Virgin Atlantic [VA.UL] said on Wednesday it will reduce capacity over the winter by 7 percent to battle a "bleak" outlook for the airline industry, meaning it will need to reduce staff by up to about 600 people.

The company, controlled by Richard Branson, said it will suspend daily flights between London and Chicago, along with one of its two daily services between London and Hong Kong for the 2009/10 winter season.

"The outlook for the industry is as bleak as ever and all airlines are having to shrink their businesses. The fittest will survive and be in a stronger position when the economy grows," Chief Executive Steve Ridgway said in a statement.

Virgin, the arch-rival of British Airways , added it would try to keep the number of compulsory redundancies down. (Reporting by Victoria Bryan; Editing by Gary Hill)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.