Spirit Airlines said it will furlough about 270 pilots and downgrade 140 captains as it pares back flight schedules to match weaker demand. The demotions take effect on Oct. 1, while the furloughs begin Nov. 1, the Miramar, Florida-based carrier confirmed after the move was first reported by Bloomberg. The cost-cutting measure is the ultra-low-cost carrier’s third round of pilot reductions since September and follows its exit from Chapter 11 bankruptcy in March. Spirit, which has not posted an annual profit since 2019, reported an adjusted net loss of $158 million on revenue of roughly $1.3 billion in the second quarter, an 11 percent year-over-year drop. Management said the staffing cuts are intended to “ensure we operate as efficiently as possible” while the airline restructures its network and attempts to shift toward more premium offerings. Spirit shares have fallen about 50 percent this year amid continued questions over the company’s path back to profitability.