Spirit Airlines has announced plans for a significant downsizing as it seeks to overhaul its business this summer.

The ultra-low-cost carrier confirmed that it will furlough as many as 270 pilots and demote 140 others in cost-cutting measures to scale down its workforce in response to a slimmer flight schedule.

"We are taking necessary steps to ensure we operate as efficiently as possible as part of our efforts to return to profitability," the airline said in an emailed statement to Reuters.

The demotions for dozens of pilots will take effect on October 1, while furloughs will begin one month later on November 1.

Spirit is looking to transition into a premium airline with improved profitability after emerging from Chapter 11 bankruptcy this past March.

The carrier is also offering seats with extra legroom and new perks for loyalty members in the wake of multiple?failed merger attempts.?

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