Wheels Up, reportedly the country’s third largest fractional, has announced it’s laying off an unspecified number of non-operational employees to trim $30 million worth of salaries and benefits from its payroll. Despite its meteoritic growth, Wheels Up hasn’t yet been profitable even though revenues are expected to be in the $1.5 billion range this year. Privatejetcardcomparisons.com is reporting that the layoffs are part of the plan to get to profitabiity by 2024.
“The plan is intended to streamline the company’s organization and reduce headcount in areas of the business that do not directly impact the company’s operations or its customers’ experience. Excluded from these actions were key operationally focused employee groups such as pilots, maintenance, and operations-support personnel,” the company said in an 8-k filing. The company told the Web site there will be no changes to its more than 12,000 membership agreements and it still plans to build an operations center in Atlanta.
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