Spirit Airlines (NYSE: SAVE) was once a leading player in the US commercial aviation industry. The carrier once had higher profit margins than many of its traditional full-service competitors, offered convenient air service to passengers, and connected new kinds of markets to major US hubs. Despite the airline's extensive network and attempts to establish a foothold in many markets as a leading player, it has struggled financially over the past few years, with profit margins diminishing and the company declaring bankruptcy multiple times.

Spirit Airlines certainly looks like it is bleeding out, and the industry's sharks are smelling blood in the water. Industry-level shakeups, such as a major competitor leaving the market, happen so rarely that when a major player leaves the market,

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