This is some sad and terrible news right before the holidays. The nation’s third-largest airline, American Airlines, has filed for bankruptcy. Last night, the airline’s board of directors and parent companies came to a unanimous decision. Although the choice wasn’t an easy one, the company says they were “desperate to try and cut costs and unload massive debt built up by years of high fuel prices and labor struggles.”

Unfortunately, it’s the economy we are currently living in. Ghosts of the recession still loom as is ever present with this latest development. CEO Gerard Arpey has stepped down and was replaced by company president Thomas W. Horton. The company has not said anything about changes to flights, raising ticket prices and the like, but we know that with such a claim comes the slashing of jobs and flight schedules. So sad.