Following in the footsteps of United Airlines and American Airlines, Continental Airlines yesterday became the latest US carrier to announce a major downsizing, revealing plans to retire 67 737s, lower 2008 fourth-quarter mainline domestic capacity by 11% and reduce its workforce by 3,000. In a message to employees, Chairman and CEO Larry Kellner and President Jeff Smisek said, "The airline industry is in a crisis. Its business model doesn't work with the current price of fuel and the ...

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