Virgin Atlantic prepares for life after COVID19 slimming down its workforce by over 3,000
Virgin Atlantic announced today that it would take as long as three years to recover from the coronavirus pandemic's effect on capacity.
The airline said that revenues have been 'severely reduced' meaning it has had to make decisions that 'reduced costs, preserved cash and protected as many jobs as possible.'
However, job cuts have had to be made with 3,150 employees dismissed.
CEO of Virgin Atlantic, Shai Weiss, said he wished it wasn't the case that employees had to be let go.
Emphasising however, the importance of returning to profitability in 2021, which meant taking such a difficult step.
Weiss said that steps had to be taken to reshape and resize Virgin Atlantic in line with demand.
In addition to job losses, the airline announced that it would be moving its flying programme from London Gatwick to London Heathrow, enabling it to return in line with customer demand.
News of the cuts come not long after Sir Richard Branson made a plea for government assistance, asking for a commercial loan that the airline would repay.
'Constructive discussions with several stakeholders, including HM Government, are ongoing, while the Company continues to benefit from shareholder support,' the company said.