Delta Plans To Park Planes, Offer Buyouts to 30,000
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Delta Air Lines Inc. said it will park twice as many planes as it planned and offer buyouts to 30,000 employees to counter record-high fuel costs and a weakening American economy.
The shares rose the most in six weeks. Delta hopes to cut 2,000 non-pilot jobs in America, or 3.6% of its workforce, through buyouts and voluntary retirements that more than half of employees qualify for, the chief financial officer, Ed Bastian, said yesterday in a memo. As many as 45 jets will be grounded as flights and routes shrink, he said. Delta is struggling with an 87% surge in fuel prices in the past year.
