Spirit Airlines Announces Job Cuts, Aircraft Selloff Amid Financial Uncertainty

Spirit to sell 23 aircraft and cut workforce costs as part of a financial-recovery plan targeting improved liquidity and operational efficiency.

Spirit Airlines planes are prepared for flight at the Fort Lauderdale–Hollywood International Airport in Fort Lauderdale, Fla., on May 16, 2022. Joe Raedle/Getty Images

Budget airline Spirit revealed plans to reduce its workforce and sell 23 Airbus A320ceo and A321ceo aircraft to GA Telesis, LLC, a move valued at approximately $519 million, in response to continued financial challenges.

The agreement, formalized on Oct. 18, and disclosed in a filing with the Securities and Exchange Commission (SEC) on Oct. 24, includes delivery of the aircraft from October through February 2025.