9/21/2020, 4:00 PM (Source: TeleTrader)
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Lufthansa plans more layoffs amid COVID crisis

Lufthansa AG intends to cut more jobs to weather the impact of coronavirus on its business, the largest European commercial carrier said in a statement on Monday. A 20% cut of the company's management positions is set to be implemented in the first trimester of 2021, while the administrative office space will be reduced by 30% in Germany.

The airline will further reduce its fleet size by removing eight A380s and ten A340-600s from planning to transfer them to long-term storage. "The fleet decisions mentioned above will result in a further impairment of up to EUR 1.1 billion," the statement said.

The company also revised down its outlook for 2020 as a projection of reaching 50% of last year's levels in the fourth quarter "no longer seems realistic."

Baha Breaking the News (BBN) / GA