CitationAir, Cessna's fractional jet business founded in 2000, plans to shut down its flight operations for good and exit the market on October 31, two years after the company stopped selling new jet shares and cards.
Once flight operations cease, CitationAir's fleet will be put up for sale. Employees are receiving 60-day layoff notices. It was not known how many employees will be affected by the closure.
Originally founded as CitationShares, Cessna's CitationAir business unit in Greenwich, Connecticut, was one of the four major fractional ownership companies alongside NetJets, Flexjet and Flight Options.
After the financial downturn in 2008, the company struggled in the face of declining fractional share sales.
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