Texas-based Southwest Airlines announcing on Monday the first mass-firing of employees in their history.
The company says they will begin a round of sweeping layoffs to around 1,750 employees at their Dallas headquarters. That equates to around 15 percent of their corporate workforce, with 11 senior leadership positions eliminated due to "restructuring."
It is the first time in the 53-year history of the company they have has a mass layoff. It comes amid some board uncertainty, and efforts to reduce growing costs.
Southwest says it will save the company around $300 million annually.
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