SYDNEY: Pandemic-struck airline Virgin Australia announced Wednesday it would close budget subsidiary Tigerair Australia and lay off 3,000 staff as it prepares to relaunch under new owners.
Virgin Australia said in an announcement to the Australian Securities Exchange on Wednesday that it would axe its budget Tigerair Australia brand and 3,000 jobs while retaining 6,000 staff. “Demand for domestic and short-haul international travel is likely to take at least three years to return to pre-Covid-19 levels, with the real chance it could be longer,” Virgin Australia CEO Paul Scurrah said in the statement.
US private equity giant Bain Capital was successful in its takeover bid for Virgin Australia in late June.The global aviation industry is facing its biggest crisis to date, with numerous big-name carriers seeking billions of dollars to stop them from going under, while others have gone out of business.
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