Canada Jetlines facing imminent closure, reports say

Following yesterday’s announcement that four members of its executive team had departed the company, reports have surfaced that Canada Jetlines is facing imminent closure.

On Aug. 14, Canada Jetlines executivesRyan Goepel, Beth Horowitz, Shawn Klerer and chief executive officer (CEO) Brigitte Goersch resigned from the company, effective immediately.

Gate Checked reports that crew members of Canada Jetlines received an internal memo from management, alerting them that the airline will soon announce a cease in operations.

““Hello Crew, we have some difficult news to advise that we will be making an announcement that Canada Jetlines will be ceasing operations,” the memo is reported to have read. “I know there will be many questions and concerns but the immediate issue at hand is for you to be ready to depart tomorrow. We are working on travel plans at this very time and you will be advised details as soon as we know. Further details will be shared.”

Founded in 2013, the continuing operations of Canada Jetlines have been dependent upon the company’s ability to raise adequate financing and to grow the airline to the point where it can commence profitable operations.

Historically, Canada Jetlines has financed its future requirements through a combination of debt, equity or other facilities. As a result, it will need to raise additional capital to continue operations.

The Company’s board of directors and management is actively working on potential sources of additional capital. Additional details will be provided once available. At this time the airline is continuing operations.

At this time, no solid date regarding the closure has been announced.

This is a developing story.