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Spirit Airlines files for Bankruptcy
The Street
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11/18/2024
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Spirit Airlines is filing for bankruptcy.
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Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittens reporting from New York City. Here's what we're watching on the street today.
00:04
Wall Street looked to the bond market for guidance on Monday following the biggest weekly stock market
00:09
route in two months. Investors are focusing on the strength of the economy and whether that
00:14
will now prompt the Federal Reserve to move slower on cutting interest rates. In other news, Spirit
00:21
Airlines has filed for bankruptcy. The ultra low-cost airline struggled to compete in a
00:25
marketplace where ticket prices dropped for domestic travel and more Americans flew to
00:30
international destinations post-pandemic. But there's good news for Spirit's frequent flyers.
00:37
In an open letter posted on its website, Spirit says, quote, the most important thing to know
00:43
is that you can continue to book and fly now and in the future. Adding, customers, quote,
00:49
can use all tickets, credits and loyalty points as normal. The question remains, however,
00:56
what destinations will still be available? The company has already sold off dozens of planes
01:01
in an attempt to raise cash and stay afloat. In addition, it is cutting back on the number of
01:07
routes, resulting in the layoff of roughly 200 pilots in September and 330 more planned for
01:14
January. Though a blocked acquisition by JetBlue was the last straw, Spirit has been struggling
01:20
for years. It has not made a profit since 2019 and lost more than $335 million in the first half
01:28
of 2024. The company's famous or infamous business model of charging bargain basement fares but then
01:35
charging fees for everything like printing and boarding pass worked until larger carriers tweaked
01:40
their pricing. Spirit expects to exit bankruptcy reorganization by the first quarter of 2025.
01:48
And that'll do it for your daily briefing. From New York City, I'm Conway Gittens with The Street.
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