Spirit Airlines Trims Workforce as Quarterly Loss Widens.

Spirit Airlines is furloughing approximately 240 pilots and downgrading about 100 captains in an effort to cut costs. The airline is also suspending the recruitment of pilots and flight attendants to reduce training expenses. Chief Executive Ted Christie attributes the increased competition among airlines to a glut of empty airline seats and weaker profits. Spirit Airlines recorded a loss of $192.9 million in the second quarter, larger than expected, and its revenue fell 11%. The airline plans to introduce new travel options with perks such as included snacks and alcohol, but expects a decrease in revenue for the current quarter. [Extracted from the article]