Southwest Airlines Threatens to Furlough Employees for the First Time Ever

Frustrated with efforts to secure wage cuts from pilots, flight attendants, and other employees, Southwest Airlines (NYSE: LUV) on Thursday put wheels in motion to furlough up to 6,828 employees early next year.

Southwest and other airlines have been hit hard by the pandemic, with industry revenue expected to be down 65% or more year over year in the current quarter. The industry has been busy cutting costs, but Southwest to date has been able to avoid layoffs thanks to voluntary retirements and workers agreeing to take extended leaves of absence.

Image source: Southwest Airlines.

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Source Fool.com