Air France Drops Earnings Goal, Putting 2,800 Jobs at Risk
In June, Air France had said that it planned to cut 2,600 jobs and reduce its number of routes and frequency of flights after grappling with major losses. Yesterday, the company revised the number of jobs cut up, to 2,800, after revising its previous financial projections down. The company is facing fierce competition in its mainstay markets from lower-cost providers and lower demands overall. Although, projections through the end of the year have been revised lower, the company believes that these actions will make the company more competitive in the long-run.
See "Air France Drops Earnings Goal, Putting 2,800 Jobs at Risk", Andrea Rothman, Bloomberg News, September 17, 2013