Spirit Airlines to furlough 270 pilots, demote more than 100 others as it prepares to cut flights

Kevin Carter | Getty Images News | Getty ImagesSpirit Airlines said Monday that it will furlough 270 pilots this fall as the carrier prepares for a smaller off-season schedule to try to find its financial footing

Additionally, The airline will also downgrade 140 pilots from captain to first officer, according to a note to aviators from the Air Line Pilots Association, their union

Those downgrades take effect on Oct. "We know how hard this news hits, and there's no dressing that up

Nevertheless, Spirit continues to shrink, and with it, the value of pilot seniority and Spirit careers continues to erode," said Ryan Muller, a captain and the chairman of Spirit's ALPA chapter

The data indicates that furloughs take effect on Nov. 1 "to better align staffing with our flight schedule," the airline said

Moreover, Read more CNBC airline newsWhy Delta and United are pulling away from the airline packSouthwest Airlines sets a date for seat assignment launch, lays out new boarding order class+

However, Conversely, Delta says segmentation is coming to high-end cabinsSpirit emerged from Chapter 11 bankruptcy in March and has been trying to win over customers with more upscale travel options, which have fared better than the bare-bones coach tickets Spirit has been known for for years. "We're taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to fitability," Spirit said in a statement to CNBC, in today's market environment

Airlines across the industry have said demand has been softer this year, particularly in off-peak travel periods. "We recognize the weight of this decision and are committed to treating all affected Team Members with compassion and respect during this cess," Spirit said

Spirit also announced hundreds of pilot furloughs last year as it apached its bankruptcy filing (an important development).