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The airline industry hits turbulence
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Weekly Corporate Growth Report
- Article date:
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September 3, 2001
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Copyright informationCopyright NVST.com, Inc. Sep 3, 2001. Provided by ProQuest LLC. (Hide copyright information)
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As companies trim their budgets due to the economic slowdown, the airline industry is taking a huge hit from the loss of business travel. Airlines such as Northwest Airlines are having to eliminate meal service on some flights, cut jobs, suspend bonuses and close some reservation call-centers to help cushion the losses suffered during the first half of the year.
Last year, the airline industry was booming, with business travel at an all-time high. But the economy nearing a recession, both business and recreational travel are down. The financial crunch has already taken its toll on some companies. On August 13, Midway Airlines Corp. declared bankruptcy, citing "calamitous" decline in ...
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