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Spirit Airlines said Monday that it will furlough 270 pilots this fall as the carrier prepares for a smaller off-season schedule to try to find its financial footing .

The airline will also downgrade 140 pilots from captain to first officer, according to a note to aviators from the Air Line Pilots Association, their union. Those downgrades take effect on Oct. 1.

"We know how hard this news hits, and there's no dressing that up. Spirit continues to shrink, and with it, the value of pilot seniority and Spirit careers continues to erode," said Ryan Muller, a captain and the chairman of Spirit's ALPA chapter.

The furloughs take effect on Nov. 1 "to better align staffing with our flight schedule," the airline said.

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