FORT WORTH (dpa-AFX) - American Airlines Inc, a unit of AMR Corp. (AAMRQ.PK), announced Wednesday that it will lay off 13,000 employees. Included in the total employee impact is the expected result of a previously launched redesign of American's management and support staff structure that will reduce 15 percent of management positions, the company said. The company outlined a business plan to transform the airline and restore it to industry leadership, profitability and growth. The company said that the plan targets an annual financial improvement of more than $3 billion by 2017, including $2 billion in cost savings and $1 billion in revenue enhancements. The company informed employees earlier today that all groups, including management, must reduce their total costs by 20 percent. These reductions would result in average annual employee-related savings of $1.25 billion from 2012 through 2017. American also said it will seek Bankruptcy Court approval to terminate its defined benefit pension plans. If the plans are terminated, American will contribute matching payments in a 401(k) plan.
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