TELETRADER News
9/21, 4:00 PM (Source: TeleTrader)
more TeleTrader news

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."

Breaking the News / GA