Qantas said Thursday it is axing at least 20% of its workforce and plans to raise up to A$1.9b ($1.30b) of equity as part of drastic measures in response to the coronavirus crisis. The Australian airline also said it will ground 100 aircraft for up to 12 months and some for longer, as well as retire its six-strong remaining Boeing 747 fleet immediately, six months ahead of schedule. “We have to position ourselves for several years when revenue will be much lower,” Qantas CE Alan Joyce said in a statement detailing a three-year plan that will cost A$1b to implement. “And this means becoming a much smaller airline in the short term.” Along with other airlines around the world, Qantas is battling against a huge drop in demand after countries including Australia closed their borders to try contain the global pandemic. Qantas said it will cut at least 6,000 positions among its 29,000 employees, while another 15,000 staff would remain stood down temporarily, particularly those associated with international operations, until more flying returns.<br/>