Virgin Atlantic to cut over 1,000 more jobs as demand languishes: Sky News
Reuters
Published Sep 03, 2020 05:02PM ET
(Reuters) - Virgin Atlantic is preparing to cut more than 1,000 jobs after seeing a slower-than-expected recovery in international demand for air travel, Sky News reported https:// on Thursday.
The report comes as the company's 1.2 billion pound ($1.59 billion) rescue deal is set for completion this week after a London judge gave the go-ahead to the airline's restructuring plan in a court hearing on Wednesday.
The airline will announce the layoffs as soon as Friday, the report said, adding that the latest round of cuts, if confirmed, would mean that Virgin Atlantic's workforce has almost halved from about 10,000 people before the coronavirus pandemic.
Virgin Atlantic declined to comment on the Sky News report.
The company, which is 51% owned by Richard Branson's Virgin Group and 49% by U.S.'s Delta Air Lines Inc (N:DAL), has had to close its Gatwick base and cut more than 3,500 jobs to contend with the fallout from the pandemic, which has grounded planes and hammered demand for air travel.
Get The News You Want
Written By: Reuters
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.