Air Canada ended a four-day strike by flight attendants, marking the first such labor action in nearly 40 years. The Canadian Union of Public Employees confirmed a successful mediation that ends unpaid work, allowing members to vote on the agreement. The strike disrupted travel for around 130,000 daily passengers and led the airline to withdraw its earnings forecasts. Air Canada plans to gradually resume flights, although full service may take over a week to stabilize the schedule and accommodate passengers with cancelled flights.
The Canadian Union of Public Employees (CUPE) issued a statement explaining that its mediation with the airline and its low-cost affiliate Air Canada Rouge had arrived at a successful conclusion. Unpaid work is over. We have reclaimed our voice and our power, the union wrote. When our rights were taken away, we stood strong, we fought back and we secured a tentative agreement that our members can vote on.
The strike also forced the company to withdraw its third-quarter and full-year earnings guidance. In early trading on Tuesday morning, in the wake of the news that the strike had ended, shares of Air Canada rose four percent. But they had lost approximately 14 percent of their value so far this year.
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