Southwest Threatens First-Ever Layoffs If Passenger Traffic Doesn't Triple
Throughout its 50-plus-year history, Southwest Airlines (NYSE: LUV), founded in 1967, has never laid off an employee -- until, perhaps, today. In a communication to employees on Monday, Southwest CEO Gary Kelly warned employees that because of the recession, in general, and the plunge in air travel traffic in the age of coronavirus, in particular, the company is likely to conduct its first-ever round of involuntary layoffs. Industrywide, air travel traffic is down about 73% from pre-corona levels.
