Iceland-based low-cost airline Fly Play (PLAY.IC) has decided to cease operations due to weak financial performance and low ticket sales. This decision will directly affect around 400 employees.
All Flights Cancelled
In a statement released on Monday, Fly Play announced the cancellation of all its current flights. The company stated that, during the process of fully winding down operations, it would hold talks with employees and relevant authorities.
Sharp Decline in Shares
Following the announcement, Fly Play’s shares dropped by 2.6% on the OMX Iceland exchange on Monday morning. Trading was suspended shortly afterwards, while the company’s stock has lost a total of 55% in value since the beginning of the year.
Uncertainty for Passengers and Employees
Fly Play’s sudden decision has created uncertainty for both passengers and employees, with claims that it could leave a significant gap in Iceland’s aviation sector.
