Word: pans
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Dates: during 1980-1989
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...control system rebuilds, Pan Am sets off an air-fare battle...
...planes that are still flying. Unlike many recent air-fare battles, the combatants were not the small upstart carriers or the thriving regional airlines. This time the big trunk lines that dominate air-traffic lanes were fighting it out. What is more, the price war was touched off by Pan American World Airways, which lost $217.6 million during the first half of the year and would seem to be in no position to start offering loss leaders...
...Pan Am started the fare slashing two weeks ago, when it began offering reductions of from half to two-thirds off standard economy-class tickets on all domestic flights, including such popular runs as New York-Miami, New York-San Francisco and Los Angeles-Hawaii. The carrier cut the cost of a New York-Los Angeles ticket from $478 to $219, and billed it in huge newspaper ads as "the lowest unrestricted fare of any major airline." To lure passengers to its international flights, where it still makes most of its money, Pan Am offered travelers a coupon that would...
...triggering the price cuts, Pan Am hoped to reverse almost a decade of near continuous losses that have rolled up $1 billion in debts for the carrier, forced it to sell its headquarters building in New York City and its Intercontinental Hotels subsidiary and finally, in August, to name a new boss, C. Edward Acker, 52. The successful chief of Air Florida, Acker replaced William T. Seawell as Pan Am's chairman...
Acker seemed to be getting the results he wanted with his bold inaugural scheme, as Pan Am's reservations lines were jammed with bargain-hunting travelers. Said he: "The phones are literally ringing off the wall." In the four days after the cuts were announced, reservations rose from 21,729 to 36,622, a 59% jump. "We had to do something dramatic," said Acker. "We wanted to make the world aware of us again...