Fly Play Hf.: Fly Play Hf. Ceases Operations

(MENAFN- GlobeNewsWire - Nasdaq) The Board of Fly Play hf. has decided to cease operations. All of the company's flights have been canceled. The company will work closely with authorities and employees to implement necessary measures to wind down operations.

There are several reasons for this decision, including: the company's performance has long been weaker than expected, ticket sales have been poor in recent weeks and months following negative media coverage of its operations, and there has been discontent among some employees due to changes in the company's strategy.

Great hopes had been pinned on the revised business model introduced last fall, which at the time was considered a source of considerable optimism. Unfortunately, it has now become clear that these changes cannot deliver results sufficient to overcome the company's deep-rooted challenges that have built up over time. In hindsight, the new business plan should have been implemented earlier.

In light of the above, PLAY is ceasing operations today. Thousands of passengers will need to reorganize their return journeys, around 400 people will lose their jobs, and the company's partners will suffer losses.

On this occasion, the Board and management of PLAY emphasize that every effort was made to reach a different outcome. This decision is the most painful one imaginable in this situation and has only been taken because all other options were deemed exhausted. The Board sincerely apologizes to everyone negatively affected by this outcome.

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