TOKYO (Reuters) – ANA Holdings Inc <9202.T> plans to chop about 3,500 jobs in three years as Japan’s largest airline operator braces for its biggest-ever annual loss attributable to a plunge in demand pushed by the coronavirus pandemic, the Yomiuri each day reported.

The job losses are a part of ANA’s broader enterprise restructuring plan to be introduced on Tuesday, because it scrambles to chop mounted prices in anticipation of a protracted downturn in journey demand, the Yomiuri mentioned on Sunday.

ANA, which had group workforce of 43,500 as of final 12 months, plans to realize the job reduce goal by the 12 months ending in March 2023 by outplacement programmes and a hiring freeze, in line with the paper.

ANA representatives couldn’t be reached instantly.

As short-term measures, ANA is contemplating quickly dispatching a few of its workforce to a number of different companies together with Toyota Motor Corp <7203.T> and promoting 30 of its pricey wide-body plane, the Yomiuri added.

Forecast to undergo a web lack of round 500 billion yen ($4.eight billion) for this fiscal 12 months to March, ANA has turned to billions of {dollars} in loans and a authorities tourism marketing campaign to climate the stoop in air journey.

Individually, the Nikkei enterprise each day reported on Sunday that ANA’s native rival, Japan Airways Co <9201.T>, was anticipated to report an working lack of about 85 billion yen for the July-September quarter.

JAL was mired within the pink as passenger site visitors on worldwide flights plunged 97% within the quarter, the Nikkei mentioned.

Reflecting extreme headwinds within the business, home airline Star Flyer Inc <9206.T> is in talks with Japanese non-public fairness agency Benefit Companions and others to boost some 10 billion yen in capital by new bond issuance, Japanese media reported late Saturday.

ANA is the largest shareholder in Star Flyer with an 18% stake.

($1 = 104.6900 yen)

(Reporting by Makiko Yamazaki; Enhancing by Lincoln Feast.)