Regional carrier Silver Airways says it's shutting down operations
Regional carrier Silver Airways announced Wednesday it is shutting down operations after a failed attempt at restructuring through bankruptcy, leaving some passengers stranded at airports in Florida, the Bahamas and the Caribbean.
'Please do not go to the airport,' the Hollywood, Florida-based company posted on its website.
The statement said Silver had sold its assets through the Chapter 11 bankruptcy proceeding to a holding company that 'unfortunately has determined to not continue Silver's flight operations" that served five Florida cities and 11 island destinations.
Passengers can seek refunds through their credit card issuer or travel agency, the Silver statement said.
Silver's fleet had been reduced to just eight ATR turboprop planes and its workforce cut from 608 to 348 pilots, flight attendants and ground workers, according to the company. An email to employees from Silver's CEO said most of those jobs will be eliminated.
Silver Airways began operations in 2011 and once served 28 destinations. A subsidiary based in Puerto Rico, Seaborne Airlines, will continue to operate in the Caribbean.
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Daily Mail
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The most dangerous airports in the world revealed - including popular European holiday destination and runway where only eight pilots are allowed to land
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Daily Mail
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Are turbulent times ahead for Rolls-Royce?
The take-off of Rolls-Royce shares is the talk of the City. The engineering giant, synonymous with British manufacturing prowess, saw its share price hit a record high this month in one of the most remarkable comebacks ever seen in the Square Mile. Garlands have been strewn over its Turkish-born boss, Tufan Erginbilgic, who took the helm in 2023 and has been hailed as a miracle worker for bringing the aero-engine maker back from the brink of financial ruin in the pandemic. Not only has Rolls-Royce recovered, it has become one of the best performers in the FTSE 100 index. But there's a rule in the world of big money: if something looks too good to be true, it probably is. This could be the case for Rolls-Royce and 'Turbo' Tufan, who earned the nickname due to the ferocious pace at which he works. Amid all the excitement, the City has overlooked a damaging row between Rolls-Royce and airlines including British Airways and Virgin Atlantic – which some believe could soon bring the engine maker and its share price back to earth. The issue is Rolls's Trent 1000 engines, which power Boeing's 787 Dreamliner. The Trent 1000s proved popular but are showing their age after clocking up more than 20 million flying hours. And they have been dogged by serious maintenance problems stretching back nearly a decade, with hundreds of planes grounded and even routes cancelled. Both BA and Virgin were forced to cancel hundreds of long-haul flights and re-routed passengers when planes were taken out of service for unscheduled repairs. BA's prestigious routes to the Gulf States have been among the more prominent casualties. There was a furore last year when the airline scrapped direct flights from Heathrow to Bahrain and Kuwait, two of Britain's closest allies in the region, because of problems with the Rolls engines, some of which are prone to maintenance problems in hotter climates. Although flights to Bahrain were reinstated after a campaign led by The Mail, the Kuwait route and flights to Abu Dhabi remain suspended. This is a setback when businesses are desperate to forge trade links to the Gulf. Technical faults on the Trent 1000 have dogged Rolls since 2016, when a design flaw – which led to cracks forming in the turbine blades of some engines – was identified. According to Shai Weiss, the Virgin Atlantic boss, the Trent 1000 needs three times the attention of other turbines. The problems have so far cost Rolls up to £3 billion in repairs and payments to the airlines – and the row shows no sign of being resolved. If anything, it is likely to intensify as the summer travel season unfolds. 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Such is his obsession with performance that he instigated a three-and-a-half-month-long study of how Rolls fared against its rivals before he even arrived. This delved deep into internal processes and was the basis of a highly detailed strategy to rebuild the balance sheet and improve profitability. So far as the stock market is concerned, the medicine is working. There has been an astonishing £68 billion rise in the value of Rolls-Royce shares in the two years since Tufan arrived. Having lost £4 billion in a year in the pandemic, Rolls made an operating profit of £2.5 billion last year, its highest ever. Any investor shrewd enough to have bought £1,000 worth when he joined would now have a holding worth almost £8,500. That is an alchemy of wealth creation that even the tech giants of Silicon Valley would struggle to match. 'It's been a monster performer,' says Jamie Murray of Shore Capital stockbrokers. 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The Independent
14 hours ago
- The Independent
Major grocery chain to close over 60 locations by end of 2026
Kroger will be closing more than 60 stores it considers underperforming across the U.S. by the end of 2026, according to a recent announcement by the grocery chain. The news was part of Kroger's first-quarter earnings report, which was released on Friday. It states that the closures are expected to provide the company a "modest financial benefit." "In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months. As a result of these store closures, Kroger expects a modest financial benefit," the company said in the report. Kroger said it aims to reinvest the money it saves through the closing into improving its customer experience at other stores. "Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance," the company said. The report was also clear to mention that none of the forthcoming changes signal a need for layoffs. Employees at the affected stores will be offered roles in other stores, according to the report. The company's first-quarter earnings fell to $866 million, down from $962 million during the same quarter last year. Its total sales were also down, from $45.3 billion last year to $45.1 billion this year. Despite the first quarter losses, the company still increased its full-year earnings forecast to between 2.25 percent and 2.35 percent growth. The chain said that demand for its fresh food, store branded products, and its digital services is strong and will likely remain so throughout the year. While the company is closing stores by the end of next year, it also announced plans to open around 30 new stores by the end of this year. Kroger operates nearly 2,800 stores in the U.S. under the name Kroger as well as Ralphs, King Soopers, Fredy Meyer and Harris Teeter. The company is currently in the process of selecting a new CEO after its previous CEO, Rodney McMullen, resigned in March amid an internal ethics investigation.
