According to an article in the Star-Telegram, American Airlines is implementing nearly 1,600 job losses due to drastic decreases in consumer demand for domestic and international flights. The company's job losses come after yesterday's announcement that it is cutting flights due to dropping consumer demand.
The article said:
At Dallas/Fort Worth Airport, there will be 19 fewer American and American Eagle daily flights, with a total of 749 flights each day. With the additional flight cuts, Arpey said that systemwide capacity this fall will be 7.5 percent less than the same time last year.
In a memo to employees, American Airlines announced their job losses, which will include cutting 1,200 flight service jobs, 300 airport service positions, 50 cargo jobs and 40 position's at the company's maintenance base. It's not clear how many of those job losses will directly affect Dallas-Fort Worth; but the company has already warned employees that this most likely is just the beginning of job losses needed to put the airline into the black.
As we mentioned in yesterday's blog, all workers must be prepared for these job losses. A job loss can be a devastating blow to any individual's financial well-being because having no job means that you have no income and without income you cannot pay your bills and repay debt. It can be a downward spiral into complete financial crisis which may include foreclosure for those struggling to pay a mortgage. Remember, that when you face a job loss do not delay filing for unemployment insurance benefits and make sure you honestly assess your financial standing. If you find that you can no longer afford to repay debt without raiding your savings or retirement account, you may need to seriously consider bankruptcy. Contact a Dallas-Fort Worth bankruptcy attorney to learn about your bankruptcy options.