Virgin Atlantic Airways plans to cut 3,150 jobs this year to gain new investment

In a memo to pilots seen by Reuters, Virgin Atlantic Airways Ltd. revealed plans on Friday to slash 3,150 jobs this year.The company is taking “self-help” measures to receive financial aid from either the British government or a private sector investor.

Earlier this week, Virgin Atlantic Airways announced that it will lay off a third of its workforce. The airline is fighting for its survival due to a collapse in travel demand amid the virus outbreak.

Richard Branson, Virgin Group’s Founder, said that the airline will survive the pandemic’s impact and will receive financial aid from the British government. Branson added that Virgin Atlantic is also looking for private investment.

The memo released on Wednesday stipulated that the company only needs 550 pilots out of 1,000 currently, and furloughing employees would help it gain new investment.

“In order for us to qualify for financial support from HM Government or the private sector it is critical that we demonstrate that we have taken all self-help measures in a timely fashion so we can secure the funding we need to survive,” the memo stated.