You too Continental?

Bummer...you too. Continental announced their version of cuts today:

"The airline industry is in a crisis. Its business model doesn't work with the current price of fuel and the existing level of capacity in the marketplace,"

Continental is grounding 67 aircraft - including their 737 fleet - and axing up to 3,000 jobs. The airline expects to reduce capacity by more than 10%.

CEO Larry Kellner and President Jeff Smisek also said they will forgo taking salary and monetary incentives for the remainder of 2008 while the airline battles these tough times.

While it won't do much to change the airline's bottom line, it is a very classy move.

Well played.

Continental letter to employees
Continental to cut 3,000 jobs, slash domestic flights [Houston Chronicle]

Related: Airline flights to be fewer, fuller [Seattle Times]