Continental To Cut 3,000 Jobs, Slash Fleet
By Bloomberg News | June 6, 2008
Continental Airlines Inc. will cut 3,000 jobs and slash its jet fleet by 18%, becoming the fourth big U.S. carrier to shrink operations as fuel costs soar.
"The airline industry is in a crisis," the chief executive officer of Continental, Larry Kellner, and the president, Jeff Smisek, said in a memo to its employees. "The actions we are announcing today are necessary to secure our future."
Airlines in America have eliminated about 22,000 workers in 2008, more than double last year's total, recruiting firm Challenger, Gray & Christmas Inc. said. More will follow when American Airlines, the largest carrier, details its "thousands" of job cuts to help stem industry losses that may reach $7.2 billion.
