CitationAir to cease operations; planes to be sold
08/18/2014 2:15 PM
08/18/2014 2:24 PM
CitationAir plans to cease its flight operations Oct. 31, more than two years after it quit selling fractional shares in new planes and jet cards.
The company, based in Greenwich, Conn., has been exploring its options, said Textron Aviation spokeswoman Nicole Alexander.
“We previously communicated with our customers regarding the decision to cease selling our fractional, jet card and management products,” Alexander said in an e-mail. “After diligently evaluating options for the future of CitationAir, we have made the decision to wind down our operations and exit the business.
CitationAir, a division of Cessna Aircraft, currently is repurchasing the fractional interests from current owners.
Once that’s complete, the planes will be put up for sale, Alexander said.
Employees are receiving 60-day layoff notices, she said. She declined to say how many CitationAir employs.
CitationAir was founded in 2000 as CitationShares, and was one of four major fractional ownership companies allowing buyers to buy a portion of a business jet with a certain amount of flight hours.
It also offered jet cards and aircraft management services.