Spirit Airlines is preparing to furlough 270 pilots this fall.

The furloughs will go into effect on November 1, the budget-friendly airline said on Monday. An additional 140 pilots will be demoted on October 1, as the cash-strapped carrier looks to scale down its workforce to match a downsized schedule.

"We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability," the airline said in a statement to FOX Business.

The announcement regarding the Florida-based company was first reported by Bloomberg News. Spirit Airlines filed for bankruptcy protection last November, following years of losses, heavy debt and failed merger attempts. It emerged from bankruptcy in March.

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