Word: braniff
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Dates: during 1980-1989
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Doyle Sharp, 52, an orthopedist; and Julia Rooker, 37> a former Braniff flight attendant who has a "close personal relation ship" with Sharp. One non-Texan rounded out the group: Atlanta Stockbroker William Mathis, a longtime Harris colleague, who was a halfback in the '60s for pro football's New York Jets...
...their larger competitors. The nine major airlines, those with annual revenues of more than $1 billion,* have seen their domestic market share slip from 95% to 87% during the past four years. Continental, TWA and Eastern are staggering under heavy losses and have launched risky strategies to trim costs. Braniff, which was pushed into Chapter 11 bankruptcy in May 1982, will probably not begin flying again under its new owner, Hyatt Corp., until March...
...nearly 30,000 employees are being asked to take about a 15% pay cut. Without the profits from other Trans World subsidiaries, TWA's management and the unions will be under much stronger pressure to reduce costs. TWA hopes the spin-off will help it avoid following Braniff International and Continental Air Lines into bankruptcy...
...compete in a very challenging and potentially rewarding marketplace." Lorenzo called the airline the "New Continental" and said it aimed to be the biggest discounter in the air. One company insider said the motive was solely survival: "We didn't want it to bleed to death like Braniff," referring to that carrier's slide into bankruptcy...
...this year alone, has already said he might follow Lorenzo. Two days after Continental's ploy, Borman told Eastern's 37,500 employees that if they do not accept pay cuts of at least 15%, the company will be forced to either shut down à la Braniff or go into bankruptcy à la Continental. Eastern, one of the most heavily unionized firms in the industry, claims its salaries average a staggering...