Australian carrier Virgin Australia has reportedly revealed plans to lay off around 3,000 of its 9,000 workers. 

The move is part of the company’s strategy to relaunch the carrier under the new owner Bain Capital, The Guardian reported. 

In June, Virgin Australia’s administrator Deloitte selected US private investment firm Bain Capital over Cyrus Capital Partners to acquire the airline

The carrier was quoted by CNN as saying: “Making these changes now will secure approximately 6,000 jobs once market demand recovers, with potential to increase to 8,000 jobs in the future.” 

It will also cease to operate its budget subsidiary Tigerair Australia brand. However, it will continue to preserve its air operator certificate. It may relaunch when the market recovers, noted the company. 

Bain Capital reportedly plans to reduce its fleet of 130 aircraft down to between 60 and 80. It will operate only domestic flights for the foreseeable future. 

Virgin Australia chief executive Paul Scurrah did not rule out the possibility of further layoffs. It expects to cancel an order for 48 Boeing 737 MAX. 

The carrier will also shift its Brisbane headquarters from Bowen Hills to Southbank. It will co-locate with the travel agent Flight Centre. 

In April, Virgin Australia entered voluntary administration after the federal government rejected its repeated pleas for a bailout.