Spirit Airlines shares rose after the struggling carrier said it will cut jobs and sell planes.
The budget carrier is struggling from the fallout of a scuttled acquisition, an engine recall and an oversupplied U.S. marketThe carrier late Thursday laid out a plan to reduce costs and raise cash by selling 23 older Airbus aircraft. That sale will bring in $519 million, Spirit said in a securities filing.
Spirit has struggled to return to profitability in the wake of the pandemic, facing a shift in travel demand and the grounding of dozens ofSpirit didn't immediately comment on how many employees it will cut but said its 2025 capacity will be down in the mid-teen percentage-point range compared with this year. It started furloughing about 200 pilots in September.
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