Wheels Up Cutting $30 Million in Costs, Includes Layoffs
Another news headline for Wheels Up, and it's not promising. Wheels Up announced Wednesday via a 8-K SEC filing that it's looking to restructure, stating it's plan is 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." Pilots, mechanics, and operation-support personnel were spared in this restructuring announcement. In the first 9 months of 2022, Wheels Up went Belly Up, losing $276.5 million vs $121 million over the same time period in 2021. 2022 Q4 numbers are set to be announced the week of 3/7.