SAS Scandinavian Airlines will lay off 300 administrative staff as part of its 4Excellence program aiming to cut annual costs by 3%-5% (ATW Daily News, Sept. 15, 2011). According to SAS, these cost-cutting measures will reduce expenses by SEK2 billion ($288 million) for 2012. SAS maintains its forecast of a marginally positive financial result for 2011. However, implementing 4Excellence has become even more crucial in 2012 due to increased economic uncertainty, increased pressure on yields ...

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