EasyJet says it will cut up to 30% of posts in preparation for a shrunken air travel market
EasyJet said it expects to be flying around 30% of its capacity by the fourth quarter, which leaves it trailing Ryanair which is planning to fly 40% in July.
“The leverage to growing market share over the next two years seems to rest with Ryanair and Wizz, who see their cost bases as allowing them to exploit this crisis,” Goodbody analyst Mark Simpson said. EasyJet Chief Executive Johan Lundgren said that job cuts would ensure easyJet emerges as “a more competitive business”. Around 8,000 of its staff are based in Britain.
Lundgren told reporters that easyJet was talking to the British government about a 14-day quarantine rule which airlines say will further stifle any travel recovery.Over the last six weeks easyJet has also been grappling with an attempt by its biggest shareholder to oust its senior bosses, and the fallout from a cyber attack.
It said talks with lessors interested in acquiring aircraft on a sale and leaseback basis are ongoing and proceeds would now be 500 million pounds to 650 million pounds , around 25% higher than expected in April.Our Standards:
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