The parent of American Airlines wants to eliminate about 13,000 jobs—15% of its workforce—as the third-biggest US airline remakes itself under bankruptcy protection. The company aims to cut labor costs by 20%, and will soon begin negotiations with its three major unions. AMR Corp. CEO Thomas W. Horton said today that the company hopes to return to profitability by cutting spending by more than $2 billion per year and raising revenue by $1 billion per year.
AMR lost $884 million in the first nine months of 2011, and yesterday it disclosed a $904 million loss for December alone. It has lost more than $11 billion since 2001. Employees have braced for bad news for weeks. AMR, American, and short-haul affiliate American Eagle filed for bankruptcy protection in November. "I expect dismay and outrage from our membership as details of the proposal are made public," said Laura Glading, president of the flight attendants' union. (More American Airlines stories.)
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