Today's Video Headlines: 11/17/24
Spirit Airlines said Monday that it has filed for bankruptcy protection and will attempt to reboot as it struggles to recover from the pandemic-caused swoon in travel and a failed attempt to sell the airline to JetBlue.
It was just the latest in a series of blows that have sent the stock crashing down by 97% since late 2018 — when Spirit was still making money. “The chatter in the market about Spirit is notable, but we are not distracted,” he told investors during an earnings call. Spirit’s costs, especially for labor, have risen. The biggest US airlines have snagged some of Spirit’s budget-conscious customers by offering their own brand of bare-bones tickets. And fares for US leisure travel — Spirit’s core business — have sagged because of a glut of new flights.The premium end of the air-travel market has surged while Spirit’s traditional no-frills end has stagnated.
In a highly unusual move, Spirit plans to cut its October-through-December schedule by nearly 20%, compared with the same period last year, which analysts say should help prop up fares.Analysts from Deutsche Bank and Raymond James say that Frontier, JetBlue and Southwest would benefit the most because of their overlap with Spirit on many routes.
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