Virgin Atlantic has announced plans to cut 3,150 jobs at the airline.
Virgin said it plans to "reshape and resize its business to ensure that is it fit for the future, in response to the severe impact of the Covid-19 pandemic on the global economy, our nation and the travel and aviation industry".
It said that "following the pattern of previous crises including 9/11 and the Global Financial Crisis, capacity across the aviation industry will significantly reduce, with recovery to pre-crisis levels expected to take up to three years".
The airline is also to end its operations at Gatwick Airport.
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"Uncertainty around when flying will resume, coupled with unprecedented market conditions brought on by the pandemic, has severely reduced revenues for the global aviation industry and Virgin Atlantic", Virgin said in a statement.
"Accordingly, the airline has taken decisive action to reduce costs, preserve cash and to protect as many jobs as possible. Virgin Atlantic continues to explore all available options to obtain additional external funding.
"Constructive discussions with several stakeholders, including HM Government, are ongoing, while the company continues to benefit from shareholder support. However, to safeguard the future of the airline so it can emerge from this crisis a sustainably profitable business, further action is required."
Shai Weiss, Virgin Atlantic chief executive, said: “We have weathered many storms since our first flight 36 years ago, but none has been as devastating as Covid-19 and the associated loss of life and livelihood for so many.
“However, to safeguard our future and emerge a sustainably profitable business, now is the time for further action to reduce our costs, preserve cash and to protect as many jobs as possible. It is crucial that we return to profitability in 2021. This will mean taking steps to reshape and resize Virgin Atlantic in line with demand, while always keeping our people and customers at the heart of all we do.
“I wish it was not the case, but we will have to reduce the number of people we employ. The commitment of our people throughout this crisis has been nothing but amazing, and the embodiment of true Virgin spirit. As we have navigated the Covid-19 crisis, I have been humbled at every step by their solidarity. In times of adversity we must support each other so that ultimately, we can emerge a stronger and better Virgin Atlantic."
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The chief executive added: “After 9/11 and the Global Financial Crisis, we took similar painful measures but fortunately many members of our team were back flying with us within a couple of years. Depending on how long the pandemic lasts and the period of time our planes are grounded for, hopefully the same will happen this time.
“Our vision for Virgin Atlantic remains the same - to become the most loved travel company, for our people and our customers. Once the crisis stabilises, Virgin Atlantic has an important role to play in contributing to the UK’s economic recovery, providing essential connectivity and competition.”
British Airways announced last week that it was planning to cut 12,000 jobs.
Brian Strutton, general secretary of pilots' union Balpa, said: "Our members and all staff in Virgin Atlantic will be shocked by the scale of this bombshell. We will be challenging Virgin very hard to justify this.
"Why is the Government sitting on its hands while aviation plunges further towards a death spiral?
"Government should call a moratorium on job losses in aviation and lead a planned recovery."
It comes as low-cost airline Ryanair flew just 40,000 passengers last month as the coronavirus crisis brought air travel to a standstill, and warned that operations will continue to be affected throughout May and June.
The Dublin-based carrier - which last week announced it is axing 3,000 jobs - saw the number of passengers flown collapse 99.6% from 13.5 million a year ago after flights were grounded to help slow the spread of the pandemic.
The group ran 600 scheduled flights in April - including rescue and medical flights on behalf of various EU governments - compared with the 75,501 it had been expected to operate before the Covid-19 outbreak.
"Due to multiple EU government flight bans and restrictions, Ryanair expects to carry minimal traffic during the months of May and June as well," it added.
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