SAS LAYOFF: SAS JOB CUT- SAS to CUT whopping 9000 JOBS

SAS LAYOFFs

Scandinavian Airlines, SAS has said that it would sell some of its assets and layoff nearly 9000 jobs. SAS employed about 23000 employes last year and the 9000 job cut amounts to a whopping 39% reduction in its total workforce. The number of job cuts mentioned in some of the newspapers , e.g. nytimes, is 3000. However the latest report in WSJ mentions that the total jobs laid off will be nearly 9000.

Reasons for SAS Layoff - attempts to raise cash

SAS reported a larger than expected quarterly loss owing to write downs to its Spanair unit. SAS has announced that it will sell this unit and launch a rights issue to raise 6 billion Swedish kronor or $720 million in cash. It has also decided to sell its 47.2 percent holding in AirBaltic, and its stakes in Spirit, Air Greenland, BMI, Estonian Airways, Skyways, Cubic and Trust.

Which SAS jobs will be laid off?

There is no information available on this yet. However the company said it would focus operations on its Nordic home market and increase its emphasis on business travelers.