Britain's Monarch Airlines is considering axing up to 1,000 jobs, or nearly one third of its workforce, a source close to the matter told AFP on Monday.
The carrier declined to officially confirm the job cuts, but released a brief statement saying its company-wide strategic review was ongoing.
"The company has previously stated that the new management team is conducting a strategic review of the group's businesses, including in relation to their operations, ownership and financing," it said.
"That review is on-going and further announcements will be made upon its conclusion, or as otherwise appropriate."
The group's new chief executive Andrew Swaffield, who took the reins last month, is seeking to transform Monarch Airlines from a chartered airline to a European low-cost carrier to compete with the likes of EasyJet and Ryanair.