The Street
The Street
  • 10 hours ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Spirit Airlines is filing for bankruptcy.

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Transcript
00:00I'm Conway Gittens reporting from New York City. Here's what we're watching on the street today.
00:04Wall Street looked to the bond market for guidance on Monday following the biggest weekly stock market
00:09route in two months. Investors are focusing on the strength of the economy and whether that
00:14will now prompt the Federal Reserve to move slower on cutting interest rates. In other news, Spirit
00:21Airlines has filed for bankruptcy. The ultra low-cost airline struggled to compete in a
00:25marketplace where ticket prices dropped for domestic travel and more Americans flew to
00:30international destinations post-pandemic. But there's good news for Spirit's frequent flyers.
00:37In an open letter posted on its website, Spirit says, quote, the most important thing to know
00:43is that you can continue to book and fly now and in the future. Adding, customers, quote,
00:49can use all tickets, credits and loyalty points as normal. The question remains, however,
00:56what destinations will still be available? The company has already sold off dozens of planes
01:01in an attempt to raise cash and stay afloat. In addition, it is cutting back on the number of
01:07routes, resulting in the layoff of roughly 200 pilots in September and 330 more planned for
01:14January. Though a blocked acquisition by JetBlue was the last straw, Spirit has been struggling
01:20for years. It has not made a profit since 2019 and lost more than $335 million in the first half
01:28of 2024. The company's famous or infamous business model of charging bargain basement fares but then
01:35charging fees for everything like printing and boarding pass worked until larger carriers tweaked
01:40their pricing. Spirit expects to exit bankruptcy reorganization by the first quarter of 2025.
01:48And that'll do it for your daily briefing. From New York City, I'm Conway Gittens with The Street.

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