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July 8, 2020, 12:00 p.m. EDT

United Airlines to furlough thousands more: WSJ

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By Claudia Assis

United Airlines Holdings Inc. /zigman2/quotes/205037281/composite UAL -0.21% warned its workers it could furlough 36,000 of them and likely move to layoffs in August, The Wall Street Journal reported Wednesday. United as of December had about 96,000 employees, but thousands since have lost their jobs temporarily or otherwise as air travel continues to be hobbled by measures designed to curb the spread of the coronavirus. In a filing Tuesday, United said its management held a town hall-style meeting with employees and told them capacity for June was down about 88% year-over-year, and July capacity is expected to be down about 75%. August capacity was seen down around 65%, including schedule cuts announced last week due to less demand for destinations going through rises in COVID-19 cases, on new quarantine requirements, or other restrictions on travel, the company said. United "does not expect the recovery from COVID-19 to follow a linear path, as illustrated by recent booking and demand trends, and that consolidated capacity through the end of 2020 is expected to be generally consistent with August 2020," it said. Shares of United fell more than 2% in midday trading Wednesday and are down 64% this year, compared with losses around 3% and 9% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.05% and the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.04% .

/zigman2/quotes/205037281/composite
US : U.S.: Nasdaq
$ 33.66
-0.07 -0.21%
Volume: 29.08M
Aug. 6, 2020 12:32p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.81 billion
Rev. per Employee
$448,946
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/zigman2/quotes/210599714/realtime
US : S&P US
3,326.10
-1.67 -0.05%
Volume: 1.15B
Aug. 6, 2020 12:32p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,212.89
+11.37 +0.04%
Volume: 145.14M
Aug. 6, 2020 12:32p
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