Spirit Airlines is cutting jobs and selling off some jets worth millions of dollars as the budget carrier aims to cut costs amid looming financial struggles and an uncertain future. Spirit says it has identified about $80 million of cost-cutting measures set to begin early next year.
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Spirit did not specify a number for the layoffs or what positions would be impacted. A spokesperson for the company declined to comment further when reached by The Associated Press Friday. GA Telesis celebrated the acquisition on Friday, noting that it will significantly boost its fleet portfolio. And Spirit expects the sale’s proceeds, combined with discharging related debt, to benefit its liquidity by $225 million through the end of 2025.Shares for Spirit climbed 25%, to $3.01, by midday trading Friday. But the stock is down more than 80% over the last year.
Loss after loss has continued to pile up in the meantime — with the company losing more than $2.5 billion since the start of 2020. Spirit also faces mounting debt, with looming payments totaling
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