Regional air carrier Republic Airways Holdings Inc. on Friday said it will reduce its work force by 10 percent, or about 500 employees, over the next several months.
"The combined impacts of fewer aircraft flying and lower utilization rates on our smaller jet aircraft are leaving us with no choice but to adjust our business to current market conditions," Chairman and Chief Executive Bryan Bedford said in a statement.
Republic Airways flies regional service for major carriers including United Airlines, Delta Air Lines, and American Airlines. The airline industry has suffered this year as jet fuel prices continue to rise.
Shares of Republic Airways fell 31 cents, or 3.8 percent, to close at $7.78. The stock lost another 14 cents to $7.64 in aftermarket activity.
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