MyTravel to cut quarter of workforce
Troubled airline MyTravel is to cut up to 540 jobs, including pilots and cabin crew, as part of a turnaround plan aimed at returning it to profitability by 2005.
Link: MyTravel FD steps down
The airline has been hurt by accounting scandals and massive losses in recent years – in 2003 losses were recorded at close to £1bn.
The job cuts are part of a plan to reduce fixed costs, which includes reducing its fleet of aircrafts from 30 planes to 21, The Guardian reported.
In 2002 MyTravel’s accounts were investigated by the Financial Reporting Review Panel after it issued three profit warnings in the space of five months.
In 2003 Kazia Kantor, the architect of the £1.3bn refinancing deal to save the tour operator stepped down as finance director