LONDON, June 11 (Reuters) - British Airways will sell at
least 10 works of art from its extensive collection, a source
said, to try to raise millions of pounds to boost its cash
reserves as it struggles through the coronavirus pandemic.
The airline has come under fire from British politicians for
plans to cut 12,000 jobs. But with planes grounded and no
revenue, it says the job losses are necessary because travel
demand is set to shrink in coming years.
The BA collection includes works by Damien Hirst, Peter Doig
and Bridget Riley, and selling off some of the works, which
usually hang in executive lounges at airports, was an idea from
a BA staff member, a source familiar with the situation said on
Thursday.
At least one work has been valued at more than 1 million
pounds ($1.27 million), the source added.
BA boss Alex Cruz said last week that with its parent
company IAG burning through 178 million pounds ($223
million) a week, he could not guarantee BA's survival and urged
unions to engage over the job cuts.
The airline has said it is taking steps now to reduce up to
28% of staff numbers to protect as many jobs as it can in the
long term.
($1 = 0.7881 pounds)
(Reporting by Sarah Young; Editing by Nick Macfie)
International Airlines (IAG)
