Continental Airlines Inc. said Thursday it is cutting 3,000 jobs and reducing capacity in the fourth quarter by 11 percent, citing record fuel costs and an industry in “crisis.”Also, the company’s chief executive and president say they will not take a salary for the rest of this year and will decline bonuses. The cuts represent about 6.5 percent of the company’s total staff of 45,000.
The carrier said it will start pulling back on flights in September, when it expects mainline departures will be down about 16 percent year-over-year. This will result in a total capacity reduction of about 11 percent.
By the end of the second quarter, Continental will operate 375 mainline aircraft. Houston-based Continental plans to take 67 planes out of service through 2009.
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