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5/14, 4:36 PM (Source: TeleTrader)
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Delta to retire its Boeing 777 fleet by year's end

Delta Air Lines will retire its Boeing 777 fleet by the end of the year in order to make "significant cost savings over the next several years," the company's CEO Ed Bastian confirmed in a memo published on Thursday.

"Retiring a fleet as iconic as the 777 is not an easy decision. The 777 has played an important role with Delta since 1999, allowing us to open new long-haul markets and grow our international network," Bastian wrote. "However, parking this fleet will provide significant cost savings over the next several years. Delta is currently burning about $50 million every day, and steps like this help us stem the bleeding, in an effort to safeguard Delta jobs and our future," he added.

Delta has recorded a loss of over $1.2 billion due to the ongoing coronavirus pandemic. The financial recovery and the well-being of the employees are the company's top priority at the moment, the company underlined.

Breaking the News / JR