Monarch to cut costs and plane numbers to fight budget rivals
Monarch Airlines is believed to be considering cutting around 1,000 jobs as part of a major strategic review as it seeks to revive its fortunes in a bid to take on low-cost rivals such as easyJet and Ryanair.
Delivering the strategic review is one of the key goals of new chief executive Andrew Swaffield, who was appointed at the end of last month. Swaffield joined Monarch in April as a managing director, having previously worked at British Airways.
As part of the proposals as it repositions itself as a scheduled low-cost carrier, Monarch is likely to cut its aircraft numbers, from the current 42 down to 30, and slash the number of its charter and long-haul flights, according to the Sunday Times.
Last month, Monarch confirmed it had chosen Boeing as its preferred bidder for its fleet replacement, with an order for 30 787 Max planes, in a deal worth $3.1bn (£1.83bn).
The Luton-based airline, founded in 1967, is owned by the Swiss-based billionaire Mantegazza family, who refinanced it in 2009 and 2011.