Spirit Airlines will furlough 270 pilots and downgrade 140 from captain to first officer as it prepares for a smaller off-season schedule to improve financial stability. The furloughs take effect on Nov. 1 to align staffing with flight schedules. The airline emerged from Chapter 11 bankruptcy in March and is focusing on more upscale travel options to attract customers.

Airlines industry-wide have seen softer demand this year, particularly during off-peak periods. Spirit is committed to treating affected team members with compassion and respect during the process. Last year, the airline also announced pilot furloughs as it approached its bankruptcy filing.

Read more at CNBC: Spirit Airlines to furlough 270 pilots, demote more than 100 others