Monarch Airlines is to cut up to 1,000 jobs as part of a strategic review to compete with low-cost competitors such as Ryanair and Easyjet.
The airline, which is currently owned by the Swiss-Italian Mantegazza family, will drop its charter flights to focus on short-haul services and drop its fleet from 42 to 30 aircraft, according to the Financial Times.
The proposed cuts in staff comprise about a third of its workforce.
The review is being led by Monarch CEO Andrew Swaffield, who is former IAG managing director.
“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 in a statement.
“That review is ongoing and further announcements will be made upon its conclusion or as otherwise appropriate.”