Delta Air Lines said Wednesday that it will cut up to 13,000 jobs, or 15 percent of its work force, because of declining air travel following the terrorist attacks two weeks ago.
Delta also said it was trimming capacity by 15 percent. It was the last of the six major carriers making cuts in the aftermath of the Sept. 11 attacks. Overall, U.S. airlines plan to trim about 93,000 jobs and Boeing Co. by up to 30,000 more by the end of next year.
Delta spokesman Tom Donahue said the airline has lost about $1 billion since the attacks. The company will get about $600 million from the $5 billion cash relief approved by Congress last week, he said.
Dallas-based Southwest Airlines remains the only major airline that has not announced job reductions.
Delta said a significant number of its job cuts will be through voluntary programs. Workers who are furloughed are automatically placed on recall lists, but their time off could be lengthy.
BJ's will buy back shares
NATICK, Mass. (Bloomberg) -- BJ's Wholesale Club, a discount warehouse chain with outlets in Tonawanda and Hamburg, N.Y., will buy back an additional $100 million of its common shares.
BJ's said it has repurchased 1 million of its common shares since Aug. 5 at an average price of $45.95 a share, or about $46 million. It's bought back a total of $191.1 million in stock at an average price of $30.31 a share since it began buying back stock in August 1998, the company said in a statement.
Including the additional $100 million, there's a total of $108.1 million available under the share repurchase program.
Textron slashes 2,500 jobs
PROVIDENCE, R.I. (Bloomberg) -- Textron Inc., maker of Bell helicopters, Cessna planes and auto parts, is firing 2,500 employees and will have a third-quarter loss as the economy worsens and demand for aircraft falls.
Textron expects a loss of 25 cents a share, before charges, said Susan Tardanico, a spokeswoman. The company was expected to earn 71 cents, the average forecast of analysts surveyed by Thomson Financial/First Call. Textron expects profit of 40 cents to 60 cents before charges in the fourth quarter. It was expected to earn $1.05, according to First Call.
A ban on flights after the terrorists attacks Sept. 11, halted testing and delayed shipments of helicopters and planes, the company said.