Hi everyone,
Just read that Monarch Airlines has closed down and about 100000 passengers are stranded. Only about 3000 employees ...so not a major unemployment problem. Price war is said to be one reason.
http://www.bbc.com/news/business-41464934***********
Monarch Airlines has ceased trading and its 300,000 future bookings for flights and holidays have been cancelled, the Civil Aviation Authority has said.
About 110,000 customers are currently overseas and the government has asked the CAA to charter more than 30 planes to bring them back to the UK.
The process is the UK's "biggest ever peacetime repatriation", Transport Secretary Chris Grayling said.Monarch employs about 2,100 people and reported a £291m loss last year.
The airline - the UK's fifth biggest and the country's largest ever to go into administration - collapsed at 04:00 BST, while passengers were at airports.
The airline reported a loss of £291m for the year to October 2016, compared with a profit of £27m for the previous 12 months, after revenues slumped.
The CAA said the situation was "unprecedented", but the 110,000 customers currently overseas would be returned home at no additional cost to them.
He said the airline had been a victim of a "price war in the Med".
The terror attacks in Turkey and Egypt have deprived the airline of a large chunk of its annual revenues, and forced it to compete on heavily congested traditional routes to Spain and Greece.
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Can't say I have ever heard of the airlines though. They operated only in Europe I think.
FYI.
Cheers.
Sriram
