On today’s date in 2003, Air Canada announced plans to cut 3,600 of its 35,000 jobs—10 per cent of its work force—as the Iraq War worsened an ongoing travel slump.
The airline also cited the outbreak of severe acute respiratory syndrome (SARS) as a reason for the cuts according to a story published in The Globe and Mail on March 31, 2003.
“The Canadian Auto Workers and the union representing machinists and baggage handlers revealed Monday they will lose more than 2,300 jobs as their share of 3,600 job cuts announced March 20 as Air Canada copes with a recent decline in passenger traffic caused by the Iraq war,” reads the 2003 story.
A financial analyst also published a report stating the airline’s shares were “effectively worthless.”
By December 2003, Air Canada filed for and was granted court protection from its creditors—commonly referred to as bankruptcy protection.
AIR CANADA MEDALLIONS
In Air Canada’s 1964 annual report, the airline mentions its decision to commission the Royal Canadian Mint to strike a series of nickel medallions.
Throughout the 1970s, Air Canada issued medallions commemorating its inaugural flights to certain destinations, including one issued for the 25th anniversary of the inaugural Montreal-Paris flight and one for the inaugural flight to Cuba on May 28, 1976. The medals measure roughly 32 millimetres in diameter and are made of silver.
The commemorative Montreal-to-Paris medal depicts a javelin thrower and the Eiffel Tower alongside “Anniversary 25 Anniversaire, Paris Montreal Air Canada.” The opposite side shows a maple leaf and the year-date.
The commemorative Cuba medal depicts flowers engraved over a map of Cuba with the date “28-5-76.” The opposite side depicts a maple leaf alongside “Vuelo Inaugural, Inaugural Flight, Vol Inaugural.”