SAS Scandinavian Airlines unveil restructuring plan
SAS Scandinavian Airlines recently announced it has unveiled a $444 million restructuring plan as it wants to remain afloat and is determined to safeguard its future. The airline in a statement said that its restricting plan includes the sale of Norwegian regional airline Wideroe and 800 job cuts. The airline has described the restructuring plan as its ‘final chance’ to secure its future.
Rickard Gustafson, CEO of SAS Scandinavian Airlines, said that SAS Scandinavian Airlines flights are running into huge losses. He said that the airline is into troubled times and facing a very serious situation.
Gustafson revealed that the company has not been able to make profits for quite a number of years now. He declared that if the sale of SAS Scandinavian Airlines flights tickets doesn’t pick up and the airline continues to make significant losses then it would become entirely difficult to continue flight operations.
He outlined that a new business model has become quite necessary and that the airline needs to stand on its own feet. He said that the time is running out for the company and the progress needs to be visible and demonstrated rapidly.