SAS Announces 2,700 More Job Cuts
Nov. 08, 2002
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STOCKHOLM, Sweden (AP) _ Scandinavian Airlines System said Friday that it will cut an additional 2,700 jobs, or nearly 8 percent of its work force, by 2005 as part of a long-term restructuring plan.
The job cuts are on top of the 3,500 layoffs announced previously. SAS, the joint national carrier for Sweden, Denmark and Norway, said it aims to save 10.4 billion Swedish kronor ($1.1 billion) by 2005.
The airline said more details about the job cuts would be provided when SAS releases its third-quarter earnings report on Tuesday.
An estimated 1,100 jobs had been cut by Sept. 30, the company said.
SAS, which has some 35,000 employees, had a loss of 1.1 billion Swedish ($104 million) last year after a string of misfortunes, including a drop in demand after Sept. 11 terrorist attacks on the United States and increased competition from low-fare operators.