Tuesday, July 21, 2009

Continental 2Q Loss Widens On Low Demand, To Cut 1,700 Jobs


Now Continental Airline is impacted by this recession and have come in position to cut 1700 jobs.

Continental Airlines Inc. (CAL) reported Tuesday that its second-quarter loss widened on charges and a continuing drop-off in business travel as the company said it would cut 1,700 jobs in a move to reduce costs.
The job cuts, which represent about 4.2% of the company's work force, will include management and clerical positions and are in addition to its previously announced reduction of 500 reservation-agent positions. The company has also in recent months offered leaves of absence to 700 flight attendants.
The results make the company the latest U.S. carrier to report red ink this month on sharply weaker demand. Despite lower fuel prices from a year earlier, airlines have been struggling with a big drop in both leisure and business travel.

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