ORLANDO, Fla. – Spirit Airlines plans to furlough 270 pilots and demote another 140 to match a downsized schedule, according to CNN.

The company said on Monday that the furloughs would go into effect on Nov. 1 while the downgrades for captains will happen on Oct. 1.

The Florida-based airline filed for bankruptcy last year.

The filing followed years of struggles for Spirit, which is known for its no-frills, low-cost flights. Spirit failed to bounce back from the COVID-19 pandemic, largely due to rising operating expenses and stiffer competition.

The airline lost more than $2.5 billion since the beginning of 2020 while also racking up mounting debt.

Earlier this year, however, the airline emerged from bankruptcy protection after finalizing debt restructuring. The restructuring deal

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