Alaskans are reeling from the loss of their beloved Alaska Airlines, and the company has been in trouble for years.
Alaska Airlines stock plummeted more than 40% on Monday after the company’s board of directors met in secret and voted to sell the airline.
The company’s stock price is now down more than 35% since the meeting.
At the time, the company was struggling to get a buyer to buy its assets and was on track to lose money on each of its aircraft leasing deals.
In April 2017, the airline was sold for $4.4 billion.
After the sale, Alaskan officials said they would focus on reviving the company.
However, since then, Alaska Airlines has had to take a hit with lower revenues, lower profits, and a drop in service.
“We have made some difficult decisions in recent years, but we are a company that works,” Alaska CEO Doug McMillon said in a statement.
McMillon also said the company would continue to invest in its business and provide the most generous financial incentives available.
What’s the problem?
Alaskans lost an estimated $5.3 billion in value on Alaska Airlines between 2016 and 2019, according to the Alaska Business Insider.
While the company lost money, the real losses have been the loss to the economy of nearly $1 billion.
The company was founded in 1892 and is now the largest carrier in the US.
How did Alaska get to this point?
According to CNBC, the airlines first failed to recover from the recession that hit Alaska in 2009, and was hit hard by the Great Recession in 2010.
Since then, the Alaska airline industry has experienced rapid growth, with more than 4,000 Alaska Airlines flights being taken in the last three years.
The airline has had a rocky start to its revival.
During a recent conference call, the CEOs of Alaska Airlines and Continental Airlines revealed the airline would be going into bankruptcy protection.
With that in mind, McMillon recently said that the company is still focused on the next round of financing and expects to be able to finish up the restructuring of the airline by the end of 2018.
According the Wall Street Journal, the new round of debt will be funded through $2 billion in additional airline funding.
But that hasn’t helped the company recover from what could have been a rocky ride.
Its loss is expected to hit Alaskas economy, and has caused the company to take some tough decisions in the past.
Is the airline profitable?
The Alaska Airlines business is booming.
The carrier’s total revenue has increased by more than 10% since 2009.
An increase in revenue has helped the airline turn a profit every year since 2011.
However, the carrier is struggling financially as it struggles to bring in more passengers.
On the other hand, its losses have caused it to take tough decisions, such as cutting service and cutting back on flights.
This has left Alaska Airlines with a large debt, and McMillon is worried the company will be unable to pay its bills.
Will the airline survive?
McMillions of dollars have been invested into the company, and it is still profitable.
However it has struggled financially and its share price has fallen.
It is not clear if the airline will survive.
Airlines have had to face some tough times in the recent past, but Alaska Airlines is still doing very well.