Air Nostrum To Cut 23 Percent Of Workforce

Spanish airline Air Nostrum plans to lay off up to 507 employees, or 23 percent of it workforce, because of the downturn in the industry, the company said on Thursday.

Air Nostrum, based in Valencia on Spain's eastern coast, has 67 planes and operates most of Iberia's domestic flights.

Core shareholders include Nefinsa and savings bank Caja Duero.

"The measure we are implementing is part of a viability plan required to guarantee the company's future which also includes cost savings and cost cuts," Air Nostrum said in a statement.

The company also said it would temporarily cut non-profitable routes and reduce the number of flights.