(MENAFN) UK travel group Monarch is to cut up to 1,000 jobs as the group attempts an overhaul that will reposition it as a low-cost airline competitor, Gulf News reported.
The private company, which is currently controlled by a Swiss-Italian family, has been undertaking a strategic review of its business that is aiming to attract new investors.
It will drop its charter flights to focus on short-haul scheduled flying and its fleet will shrink from 42 to 30 aircraft. The proposed cuts comprise about a third of its workforce.
"The company has previously stated that the new management team is conducting a strategic review of the group's businesses, including in relation to their operations, ownership and financing," Monarch said.
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